Adverum Biotechnologies, Inc. (ADVM) Upgraded by Zacks Investment Research to Buy
Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $2.75 price target on the biotechnology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.00% from the stock’s previous close.
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. “
Separately, ValuEngine cut Adverum Biotechnologies from a “sell” rating to a “strong sell” rating in a research note on Friday, June 2nd.
Shares of Adverum Biotechnologies (NASDAQ:ADVM) traded down 1.96% during trading on Wednesday, reaching $2.50. The company’s stock had a trading volume of 59,566 shares. Adverum Biotechnologies has a 12 month low of $2.45 and a 12 month high of $4.55. The company’s 50 day moving average price is $2.56 and its 200 day moving average price is $2.71. The firm’s market cap is $107.17 million.
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Large investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Adverum Biotechnologies during the fourth quarter valued at approximately $485,000. AWM Investment Company Inc. acquired a new stake in Adverum Biotechnologies during the first quarter valued at approximately $540,000. Parametric Portfolio Associates LLC boosted its stake in Adverum Biotechnologies by 81.5% in the first quarter. Parametric Portfolio Associates LLC now owns 53,218 shares of the biotechnology company’s stock valued at $144,000 after buying an additional 23,898 shares in the last quarter. Paloma Partners Management Co boosted its stake in Adverum Biotechnologies by 424.1% in the first quarter. Paloma Partners Management Co now owns 100,000 shares of the biotechnology company’s stock valued at $270,000 after buying an additional 80,920 shares in the last quarter. Finally, TFS Capital LLC boosted its stake in Adverum Biotechnologies by 332.3% in the first quarter. TFS Capital LLC now owns 89,156 shares of the biotechnology company’s stock valued at $241,000 after buying an additional 68,532 shares in the last quarter. 32.00% of the stock is owned by institutional investors and hedge funds.
About Adverum 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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