California Public Employees Retirement System raised its stake in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 23.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 145,600 shares of the biotechnology company’s stock after purchasing an additional 27,700 shares during the period. California Public Employees Retirement System owned 0.34% of Adverum Biotechnologies worth $364,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Renaissance Technologies LLC grew its holdings in Adverum Biotechnologies by 17.8% during the first quarter. Renaissance Technologies LLC now owns 1,141,977 shares of the biotechnology company’s stock valued at $3,083,000 after purchasing an additional 172,277 shares during the last quarter. LMR Partners LLP acquired a new position in Adverum Biotechnologies during the second quarter valued at approximately $244,000. Finally, Parametric Portfolio Associates LLC grew its holdings in Adverum Biotechnologies by 81.5% during the first quarter. Parametric Portfolio Associates LLC now owns 53,218 shares of the biotechnology company’s stock valued at $144,000 after purchasing an additional 23,898 shares during the last quarter. Institutional investors own 29.47% of the company’s stock.
Several equities research analysts have recently issued reports on ADVM shares. ValuEngine downgraded shares of Adverum Biotechnologies from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Zacks Investment Research downgraded shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Chardan Capital restated a “hold” rating and issued a $3.50 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, September 5th. Finally, Raymond James Financial, Inc. started coverage on shares of Adverum Biotechnologies in a research note on Thursday, October 12th. They issued an “outperform” rating and a $6.00 price objective on the stock.
Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Wednesday, November 8th. The biotechnology company reported ($0.32) earnings per share (EPS) 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 return on equity of 26.60% and a negative net margin of 3,398.29%. analysts anticipate that Adverum Biotechnologies, Inc. will post -1.31 earnings per share for the current fiscal year.
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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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