Adverum Biotechnologies (NASDAQ:ADVM) Lifted to Hold at Zacks Investment Research

Adverum Biotechnologies (NASDAQ:ADVM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, January 9th.

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 recently commented on ADVM. ValuEngine raised Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research note on Monday, October 16th. Raymond James Financial assumed coverage on Adverum Biotechnologies in a report on Thursday, October 12th. They issued an “outperform” rating and a $6.00 price target on the stock. Finally, Chardan Capital restated a “hold” rating on shares of Adverum Biotechnologies in a report on Tuesday, December 19th.

Shares of Adverum Biotechnologies (ADVM) opened at $4.65 on Tuesday. The firm has a market capitalization of $209.44, a price-to-earnings ratio of -3.10 and a beta of 2.44. Adverum Biotechnologies has a 1 year low of $2.40 and a 1 year high of $4.65.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Wednesday, November 8th. The biotechnology company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.03). The company had revenue of $0.46 million during the quarter. Adverum Biotechnologies had a negative net margin of 3,398.29% and a negative return on equity of 26.60%. equities analysts forecast that Adverum Biotechnologies will post -1.31 EPS for the current year.

Institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. bought a new stake in Adverum Biotechnologies during the second quarter worth $420,000. Mangrove Partners purchased a new stake in Adverum Biotechnologies in the third quarter worth $1,511,000. Susquehanna International Group LLP purchased a new stake in Adverum Biotechnologies in the second quarter worth $162,000. Sessa Capital IM L.P. increased its position in Adverum Biotechnologies by 272.5% in the third quarter. Sessa Capital IM L.P. now owns 638,712 shares of the biotechnology company’s stock worth $2,331,000 after buying an additional 467,225 shares during the last quarter. Finally, 683 Capital Management LLC increased its position in Adverum Biotechnologies by 29.4% in the third quarter. 683 Capital Management LLC now owns 550,000 shares of the biotechnology company’s stock worth $2,008,000 after buying an additional 125,000 shares during the last quarter. Institutional investors and hedge funds own 30.14% of the company’s stock.

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Adverum 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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