Adverum Biotechnologies (NASDAQ:ADVM) Upgraded to “Strong-Buy” at BidaskClub

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.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Wednesday, March 6th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.04. The business had revenue of $0.07 million for the quarter, compared to analyst estimates of $0.39 million. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 30.18%. Equities analysts expect that Adverum Biotechnologies will post -1.15 EPS for the current fiscal year.

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.

See Also: How a Strangle Strategy is different from a Straddle Strategy

Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

Receive News & Ratings for Adverum Biotechnologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adverum Biotechnologies and related companies with MarketBeat.com's FREE daily email newsletter.