Adverum Biotechnologies (ADVM) Reaches New 1-Year High at $8.18

Adverum Biotechnologies Inc (NASDAQ:ADVM) reached a new 52-week high during trading on Thursday . The company traded as high as $8.18 and last traded at $8.13, with a volume of 65154 shares. The stock had previously closed at $6.45.

A number of equities research analysts recently commented on the stock. Cowen reaffirmed a “buy” rating on shares of Adverum Biotechnologies in a report on Thursday. ValuEngine cut shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. BidaskClub raised shares of Adverum Biotechnologies from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Finally, Zacks Investment Research cut shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a report on Wednesday, March 13th. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $6.55.

The stock has a market cap of $404.08 million, a P/E ratio of -6.89 and a beta of 3.24. The company has a current ratio of 18.20, a quick ratio of 18.20 and a debt-to-equity ratio of 0.12.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 30.98%. As a group, analysts forecast that Adverum Biotechnologies Inc will post -1.11 EPS for the current year.

In other Adverum Biotechnologies news, Director James Paul Scopa purchased 20,000 shares of the business’s stock in a transaction on Monday, May 6th. The stock was acquired at an average cost of $6.71 per share, for a total transaction of $134,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.00% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of ADVM. Wells Fargo & Company MN boosted its position in Adverum Biotechnologies by 169.5% during the third quarter. Wells Fargo & Company MN now owns 34,142 shares of the biotechnology company’s stock valued at $206,000 after buying an additional 21,474 shares during the period. Bank of New York Mellon Corp boosted its position in Adverum Biotechnologies by 17.8% during the third quarter. Bank of New York Mellon Corp now owns 219,784 shares of the biotechnology company’s stock valued at $1,330,000 after buying an additional 33,185 shares during the period. BlackRock Inc. boosted its position in Adverum Biotechnologies by 11.6% during the third quarter. BlackRock Inc. now owns 3,690,235 shares of the biotechnology company’s stock valued at $22,326,000 after buying an additional 382,786 shares during the period. Dimensional Fund Advisors LP boosted its position in Adverum Biotechnologies by 2.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,641,732 shares of the biotechnology company’s stock valued at $9,933,000 after buying an additional 35,325 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Adverum Biotechnologies by 8.4% during the third quarter. JPMorgan Chase & Co. now owns 2,767,090 shares of the biotechnology company’s stock valued at $16,740,000 after buying an additional 214,770 shares during the period. Institutional investors and hedge funds own 59.75% of the company’s stock.

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About Adverum Biotechnologies (NASDAQ:ADVM)

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

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