Adverum Biotechnologies (NASDAQ:ADVM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $7.75 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 5.16% from the stock’s current price.
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. “
Several other research firms have also weighed in on ADVM. ValuEngine raised Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 25th. Piper Jaffray Companies began coverage on Adverum Biotechnologies in a research report on Thursday, February 15th. They issued an “overweight” rating and a $12.00 target price for the company. BidaskClub downgraded Adverum Biotechnologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Chardan Capital reiterated a “hold” rating on shares of Adverum Biotechnologies in a research report on Tuesday, December 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Adverum Biotechnologies has an average rating of “Buy” and a consensus target price of $7.31.
Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Tuesday, March 6th. The biotechnology company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.03. The business had revenue of $0.46 million for the quarter. Adverum Biotechnologies had a negative return on equity of 29.61% and a negative net margin of 3,036.61%. sell-side analysts forecast that Adverum Biotechnologies will post -1.31 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the company. Sabby Management LLC bought a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $1,050,000. Iguana Healthcare Management LLC bought a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $700,000. Raymond James & Associates bought a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $172,000. Ardsley Advisory Partners bought a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $350,000. Finally, Two Sigma Investments LP raised its position in shares of Adverum Biotechnologies by 350.5% during the fourth quarter. Two Sigma Investments LP now owns 337,956 shares of the biotechnology company’s stock worth $1,183,000 after acquiring an additional 262,944 shares during the last quarter. Institutional investors own 36.69% of the company’s stock.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc is a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD).
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