Schwab Charles Investment Management Inc. purchased a new position in shares of Adverum Biotechnologies Inc (NASDAQ:ADVM) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 113,677 shares of the biotechnology company’s stock, valued at approximately $603,000. Schwab Charles Investment Management Inc. owned approximately 0.18% of Adverum Biotechnologies as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Creative Planning grew its position in Adverum Biotechnologies by 76.8% during the second 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 period. Cubist Systematic Strategies LLC acquired a new position in Adverum Biotechnologies during the first quarter worth about $262,000. Rhumbline Advisers acquired a new position in Adverum Biotechnologies during the second quarter worth about $292,000. Barclays PLC grew its position in Adverum Biotechnologies by 178.4% during the first quarter. Barclays PLC now owns 95,883 shares of the biotechnology company’s stock worth $556,000 after buying an additional 61,438 shares during the period. Finally, Northern Trust Corp grew its position in Adverum Biotechnologies by 24.3% during the first quarter. Northern Trust Corp now owns 99,838 shares of the biotechnology company’s stock worth $579,000 after buying an additional 19,488 shares during the period. 58.39% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have weighed in on ADVM. BidaskClub lowered shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. SunTrust Banks began coverage on shares of Adverum Biotechnologies in a research report on Thursday, August 30th. They set a “buy” rating and a $11.00 target price on the stock. Raymond James lowered shares of Adverum Biotechnologies from an “outperform” rating to a “market perform” rating in a research report on Friday, November 2nd. ValuEngine lowered shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Friday, September 14th. Finally, Cantor Fitzgerald set a $12.00 target price on shares of Adverum Biotechnologies and gave the stock a “buy” rating in a research report on Wednesday, October 3rd. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $6.85.
Shares of ADVM stock traded up $0.02 during trading hours on Friday, hitting $3.76. The company’s stock had a trading volume of 261,560 shares, compared to its average volume of 1,131,395. The firm has a market capitalization of $231.34 million, a PE ratio of -2.91 and a beta of 3.83. Adverum Biotechnologies Inc has a twelve month low of $2.62 and a twelve month high of $8.59.
Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Thursday, November 8th. The biotechnology company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.04). The business had revenue of $0.83 million during the quarter, compared to analyst estimates of $0.27 million. Adverum Biotechnologies had a negative net margin of 3,957.63% and a negative return on equity of 30.61%. Sell-side analysts expect that Adverum Biotechnologies Inc will post -1.23 EPS for the current year.
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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