Adverum Biotechnologies (ADVM) Sees Unusually-High Trading Volume

Adverum Biotechnologies Inc (NASDAQ:ADVM) shares saw unusually-high trading volume on Thursday . Approximately 6,794,810 shares changed hands during trading, an increase of 278% from the previous session’s volume of 1,798,656 shares.The stock last traded at $7.50 and had previously closed at $7.10.

ADVM has been the subject of several analyst reports. Zacks Investment Research cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Chardan Capital restated a “hold” rating on shares of Adverum Biotechnologies in a research report on Tuesday, December 19th. Finally, ValuEngine upgraded shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research report on Monday, October 16th.

The firm has a market cap of $393.05, a PE ratio of -4.67 and a beta of 3.80.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Wednesday, November 8th. The biotechnology company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.03). The company had revenue of $0.46 million for the quarter. Adverum Biotechnologies had a negative return on equity of 26.60% and a negative net margin of 3,398.29%. sell-side analysts expect that Adverum Biotechnologies Inc will post -1.29 EPS for the current year.

Several large investors have recently modified their holdings of the company. Citadel Advisors LLC lifted its position in shares of Adverum Biotechnologies by 365.1% during the 4th quarter. Citadel Advisors LLC now owns 47,189 shares of the biotechnology company’s stock worth $165,000 after buying an additional 37,042 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new stake in shares of Adverum Biotechnologies during the 4th quarter worth approximately $1,680,000. California Public Employees Retirement System lifted its position in shares of Adverum Biotechnologies by 11.8% during the 4th quarter. California Public Employees Retirement System now owns 216,010 shares of the biotechnology company’s stock worth $756,000 after buying an additional 22,728 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Adverum Biotechnologies during the 4th quarter worth approximately $1,057,000. Finally, 683 Capital Management LLC raised its position 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 purchasing an additional 125,000 shares during the last quarter. Institutional investors and hedge funds own 30.72% of the company’s stock.

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About Adverum Biotechnologies

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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