Y Intercept Hong Kong Ltd Purchases Shares of 21,122 Adverum Biotechnologies, Inc. $ADVM

Y Intercept Hong Kong Ltd acquired a new position in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,122 shares of the biotechnology company’s stock, valued at approximately $45,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADVM. BML Capital Management LLC grew its holdings in shares of Adverum Biotechnologies by 20.9% in the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company’s stock worth $11,984,000 after purchasing an additional 474,253 shares during the last quarter. Pale Fire Capital SE lifted its holdings in Adverum Biotechnologies by 16.9% during the 1st quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company’s stock valued at $1,609,000 after purchasing an additional 53,113 shares during the last quarter. Invesco Ltd. bought a new position in Adverum Biotechnologies during the 1st quarter valued at about $218,000. AQR Capital Management LLC acquired a new position in Adverum Biotechnologies in the first quarter valued at about $148,000. Finally, Nuveen LLC bought a new stake in Adverum Biotechnologies during the first quarter worth about $139,000. 48.17% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada set a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, October 28th. Chardan Capital cut Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adverum Biotechnologies in a research report on Wednesday, October 8th. Mizuho set a $5.50 price objective on Adverum Biotechnologies in a research note on Wednesday, October 29th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, September 23rd. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Hold” and an average target price of $15.50.

Adverum Biotechnologies Price Performance

Shares of Adverum Biotechnologies stock opened at $4.32 on Monday. The firm has a 50 day simple moving average of $4.10 and a 200 day simple moving average of $3.13. Adverum Biotechnologies, Inc. has a fifty-two week low of $1.78 and a fifty-two week high of $8.18. The firm has a market cap of $90.65 million, a P/E ratio of -0.55 and a beta of 1.01.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Tuesday, August 12th. The biotechnology company reported ($2.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.24) by ($0.10). On average, sell-side analysts expect that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current year.

Adverum Biotechnologies Profile

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.