Adverum Biotechnologies (NASDAQ:ADVM) Stock Price Down 6.9%
Adverum Biotechnologies Inc (NASDAQ:ADVM)’s share price was down 6.9% during mid-day trading on Tuesday . The stock traded as low as $11.56 and last traded at $11.59, approximately 1,798,221 shares changed hands during mid-day trading. An increase of 141% from the average daily volume of 745,518 shares. The stock had previously closed at $12.45.
A number of brokerages recently issued reports on ADVM. ValuEngine raised shares of Adverum Biotechnologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 18th. BidaskClub lowered shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Zacks Investment Research downgraded shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 30th. Cowen restated a “buy” rating on shares of Adverum Biotechnologies in a report on Tuesday, July 9th. Finally, Raymond James began coverage on shares of Adverum Biotechnologies in a research report on Thursday, June 13th. They set a “market perform” rating for the company. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $11.20.
The company has a debt-to-equity ratio of 0.12, a quick ratio of 17.79 and a current ratio of 17.79. The firm’s 50-day moving average price is $11.98 and its two-hundred day moving average price is $9.19. The firm has a market capitalization of $781.25 million, a price-to-earnings ratio of -9.82 and a beta of 2.50.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in shares of Adverum Biotechnologies by 185.8% during the fourth quarter. Bank of America Corp DE now owns 40,501 shares of the biotechnology company’s stock valued at $128,000 after purchasing an additional 26,330 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in Adverum Biotechnologies by 94.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 16,504 shares of the biotechnology company’s stock valued at $86,000 after buying an additional 8,038 shares in the last quarter. SG Americas Securities LLC bought a new position in Adverum Biotechnologies during the 1st quarter worth $60,000. JPMorgan Chase & Co. increased its position in Adverum Biotechnologies by 12.7% during the 1st quarter. JPMorgan Chase & Co. now owns 3,297,793 shares of the biotechnology company’s stock worth $17,281,000 after buying an additional 371,461 shares during the period. Finally, MetLife Investment Advisors LLC acquired a new stake in shares of Adverum Biotechnologies during the first quarter worth $150,000. Institutional investors and hedge funds own 71.79% 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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