Avalanche Biotechnologies Inc. (ADVM) Lowered 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 note issued 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. “
ADVM has been the topic of several other research reports. Jefferies Group reiterated a “buy” rating and set a $12.00 price target on shares of Avalanche Biotechnologies in a research note on Wednesday, August 10th. Piper Jaffray Cos. set a $9.00 price target on Avalanche Biotechnologies and gave the company a “buy” rating in a research note on Thursday, August 18th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Avalanche Biotechnologies presently has a consensus rating of “Buy” and a consensus target price of $7.75.
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Shares of Avalanche Biotechnologies (NASDAQ:ADVM) traded down 4.55% during mid-day trading on Tuesday, reaching $3.99. The company had a trading volume of 88,241 shares. The stock has a 50 day moving average of $3.95 and a 200-day moving average of $4.19. Avalanche Biotechnologies has a 52 week low of $2.99 and a 52 week high of $10.69. The company’s market capitalization is $164.98 million.
Avalanche Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($1.76) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 expect that Avalanche Biotechnologies will post ($2.33) earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of the company. Oxford Asset Management bought a new stake in shares of Avalanche Biotechnologies during the second quarter worth approximately $191,000. Schroder Investment Management Group bought a new stake in shares of Avalanche Biotechnologies during the second quarter worth approximately $351,000. Granite Point Capital Management L.P. bought a new stake in shares of Avalanche Biotechnologies during the second quarter worth approximately $589,000. JPMorgan Chase & Co. bought a new stake in shares of Avalanche Biotechnologies during the second quarter worth approximately $102,000. Finally, Royce & Associates LP bought a new stake in shares of Avalanche Biotechnologies during the second quarter worth approximately $611,000. Hedge funds and other institutional investors own 37.91% of the company’s stock.
About Avalanche Biotechnologies
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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