Adverum Biotechnologies Inc (NASDAQ:ADVM) shares shot up 6% during mid-day trading on Wednesday . The company traded as high as $11.37 and last traded at $11.34, 1,165,006 shares traded hands during trading. An increase of 9% from the average session volume of 1,070,405 shares. The stock had previously closed at $10.70.
Several analysts have issued reports on ADVM shares. BidaskClub raised shares of Adverum Biotechnologies from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 27th. ValuEngine raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Cantor Fitzgerald reissued a “neutral” rating and set a $8.00 price objective (up from $3.00) on shares of Adverum Biotechnologies in a research note on Tuesday, September 17th. Chardan Capital lifted their price objective on Adverum Biotechnologies from $6.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Finally, SunTrust Banks reduced their target price on Adverum Biotechnologies from $12.00 to $8.00 and set a “hold” rating on the stock in a research note on Friday, September 13th. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $9.20.
The stock has a market cap of $678.20 million, a PE ratio of -9.69 and a beta of 2.68. The business has a 50-day moving average of $8.83 and a 200 day moving average of $10.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 9.44 and a current ratio of 9.44.
Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of Adverum Biotechnologies by 219.5% in the third quarter. State Street Corp now owns 4,843,777 shares of the biotechnology company’s stock valued at $26,399,000 after buying an additional 3,327,760 shares during the last quarter. Orbimed Advisors LLC grew its stake in Adverum Biotechnologies by 104.7% in the 3rd quarter. Orbimed Advisors LLC now owns 4,012,969 shares of the biotechnology company’s stock worth $21,871,000 after acquiring an additional 2,052,769 shares during the period. UBS Group AG raised its holdings in Adverum Biotechnologies by 52.1% in the 2nd quarter. UBS Group AG now owns 3,138,539 shares of the biotechnology company’s stock valued at $37,317,000 after acquiring an additional 1,074,535 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in Adverum Biotechnologies in the 2nd quarter valued at $6,635,000. Finally, Vanguard Group Inc. lifted its stake in shares of Adverum Biotechnologies by 19.2% during the 2nd quarter. Vanguard Group Inc. now owns 2,524,477 shares of the biotechnology company’s stock worth $30,016,000 after purchasing an additional 406,963 shares during the period. Institutional investors and hedge funds own 76.60% of the company’s stock.
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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