Avalanche Biotechnologies Inc. (ADVM) Downgraded to “Hold” at Zacks Investment Research
Avalanche Biotechnologies Inc. (NASDAQ:ADVM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “
A number of other research firms also recently weighed in on ADVM. Jefferies Group reissued a “buy” rating and set a $12.00 price target on shares of Avalanche Biotechnologies in a research report on Wednesday, August 10th. Piper Jaffray Cos. set a $9.00 price target on shares of Avalanche Biotechnologies and gave the stock a “buy” rating in a research report on Thursday, August 18th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $7.75.
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Shares of Avalanche Biotechnologies (NASDAQ:ADVM) traded down 4.55% during trading on Tuesday, reaching $3.99. 109,933 shares of the company’s stock were exchanged. The company’s 50-day moving average is $3.95 and its 200 day moving average is $4.19. Avalanche Biotechnologies has a 52 week low of $2.99 and a 52 week high of $10.69. The stock’s market capitalization is $164.98 million.
Avalanche Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Tuesday, August 9th. The company reported ($1.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by $1.38. Avalanche Biotechnologies had a negative net margin of 4,234.61% and a negative return on equity of 21.33%. On average, analysts forecast that Avalanche Biotechnologies will post ($2.33) earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. bought a new stake in Avalanche Biotechnologies during the second quarter worth $1,369,000. BlackRock Fund Advisors bought a new stake in Avalanche Biotechnologies during the second quarter worth $3,501,000. BlackRock Investment Management LLC bought a new stake in Avalanche Biotechnologies during the second quarter worth $290,000. Vanguard Group Inc. bought a new stake in Avalanche Biotechnologies during the second quarter worth $2,180,000. Finally, Schroder Investment Management Group bought a new stake in Avalanche Biotechnologies during the second quarter worth $351,000. 37.91% of the stock is owned by institutional investors and hedge funds.
Avalanche Biotechnologies Company Profile
Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.
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