Adverum Biotechnologies (NASDAQ:ADVM) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, March 21st, BidAskClub reports.
Separately, Zacks Investment Research cut shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Wednesday, January 9th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $6.55.
Shares of NASDAQ ADVM traded up $0.59 during trading on Thursday, hitting $5.69. The company had a trading volume of 1,237,865 shares, compared to its average volume of 380,303. Adverum Biotechnologies has a fifty-two week low of $2.62 and a fifty-two week high of $7.72. The firm has a market cap of $322.32 million, a price-to-earnings ratio of -4.82 and a beta of 3.18.
Hedge funds have recently made changes to their positions in the stock. RTW Investments LP grew its holdings in shares of Adverum Biotechnologies by 3,285.4% in the fourth quarter. RTW Investments LP now owns 6,256,840 shares of the biotechnology company’s stock valued at $19,709,000 after purchasing an additional 6,072,019 shares in the last quarter. Perceptive Advisors LLC acquired a new position in Adverum Biotechnologies during the 4th quarter worth approximately $960,000. Sphera Funds Management LTD. acquired a new position in Adverum Biotechnologies during the 3rd quarter worth approximately $454,000. JPMorgan Chase & Co. grew its holdings in Adverum Biotechnologies by 8.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,767,090 shares of the biotechnology company’s stock worth $16,740,000 after acquiring an additional 214,770 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Adverum Biotechnologies during the 4th quarter worth approximately $66,000. Hedge funds and other institutional investors own 59.51% of the company’s stock.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.
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