Cantor Fitzgerald began coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a report issued on Thursday, September 20th, Marketbeat.com reports. The firm issued an overweight rating and a $12.00 target price on the biotechnology company’s stock.
Other analysts have also recently issued research reports about the company. Chardan Capital reissued a hold rating and issued a $8.00 price objective on shares of Adverum Biotechnologies in a research report on Thursday, August 9th. BidaskClub cut Adverum Biotechnologies from a buy rating to a hold rating in a research report on Friday, August 3rd. ValuEngine upgraded Adverum Biotechnologies from a hold rating to a buy rating in a research note on Friday, June 1st. SunTrust Banks started coverage on Adverum Biotechnologies in a research note on Thursday, August 30th. They set a buy rating and a $11.00 price objective for the company. Finally, Zacks Investment Research lowered Adverum Biotechnologies from a hold rating to a sell rating in a research note on Tuesday, July 10th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $9.95.
NASDAQ:ADVM traded up $0.04 during midday trading on Thursday, hitting $5.15. The stock had a trading volume of 565,141 shares, compared to its average volume of 902,232. Adverum Biotechnologies has a one year low of $2.85 and a one year high of $8.59. The stock has a market cap of $379.30 million, a P/E ratio of -3.99 and a beta of 3.83.
Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.01. The business had revenue of $0.49 million for the quarter, compared to analysts’ expectations of $0.40 million. Adverum Biotechnologies had a negative return on equity of 30.61% and a negative net margin of 3,957.63%. As a group, sell-side analysts anticipate that Adverum Biotechnologies will post -1.23 EPS for the current fiscal year.
Several large investors have recently bought and sold shares of ADVM. Metropolitan Life Insurance Co. NY acquired a new stake in shares of Adverum Biotechnologies during the 2nd quarter valued at about $106,000. Voya Investment Management LLC acquired a new stake in Adverum Biotechnologies in the 2nd quarter worth about $107,000. Creative Planning boosted its holdings in Adverum Biotechnologies by 76.8% in the 2nd quarter. Creative Planning now owns 22,870 shares of the biotechnology company’s stock worth $121,000 after buying an additional 9,937 shares during the last quarter. MetLife Investment Advisors LLC acquired a new stake in Adverum Biotechnologies in the 2nd quarter worth about $150,000. Finally, Trexquant Investment LP acquired a new stake in Adverum Biotechnologies in the 1st quarter worth about $184,000. Hedge funds and other institutional investors own 58.45% of the company’s stock.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.
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