Adverum Biotechnologies (ADVM) Shares Down 6.6%

Adverum Biotechnologies Inc (NASDAQ:ADVM) shares were down 6.6% on Thursday . The company traded as low as $3.95 and last traded at $3.97. Approximately 1,396,838 shares traded hands during trading, an increase of 18% from the average daily volume of 1,182,230 shares. The stock had previously closed at $4.25.

A number of research analysts recently weighed in on ADVM shares. Raymond James Financial started coverage on shares of Adverum Biotechnologies in a research note on Thursday, October 12th. They set an “outperform” rating and a $6.00 target price on the stock. Zacks Investment Research cut shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. ValuEngine upgraded shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research note on Monday, October 16th. Finally, Chardan Capital restated a “hold” rating on shares of Adverum Biotechnologies in a research note on Tuesday, December 19th.

The company has a market capitalization of $177.91, a P/E ratio of -2.63 and a beta of 2.44.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Wednesday, November 8th. The biotechnology company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). Adverum Biotechnologies had a negative net margin of 3,398.29% and a negative return on equity of 26.60%. The firm had revenue of $0.46 million for the quarter. research analysts forecast that Adverum Biotechnologies Inc will post -1.31 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sessa Capital IM L.P. lifted its stake in shares of Adverum Biotechnologies by 272.5% during the 3rd quarter. Sessa Capital IM L.P. now owns 638,712 shares of the biotechnology company’s stock valued at $2,331,000 after buying an additional 467,225 shares in the last quarter. 683 Capital Management LLC increased its holdings in Adverum Biotechnologies by 29.4% in the 3rd quarter. 683 Capital Management LLC now owns 550,000 shares of the biotechnology company’s stock valued at $2,008,000 after acquiring an additional 125,000 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Adverum Biotechnologies by 77.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 540,097 shares of the biotechnology company’s stock valued at $1,971,000 after acquiring an additional 235,356 shares during the last quarter. Mangrove Partners bought a new stake in Adverum Biotechnologies in the 3rd quarter valued at $1,511,000. Finally, OxFORD Asset Management LLP increased its holdings in Adverum Biotechnologies by 719.0% in the 2nd quarter. OxFORD Asset Management LLP now owns 229,669 shares of the biotechnology company’s stock valued at $574,000 after acquiring an additional 201,628 shares during the last quarter. Institutional investors own 30.14% of the company’s stock.

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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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