Millennium Management LLC Purchases 13,608 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Millennium Management LLC grew its position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 46.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,847 shares of the biotechnology company’s stock after acquiring an additional 13,608 shares during the period. Millennium Management LLC owned about 0.21% of Adverum Biotechnologies worth $200,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Regeneron Pharmaceuticals Inc. bought a new position in shares of Adverum Biotechnologies in the 4th quarter valued at about $845,000. JPMorgan Chase & Co. boosted its holdings in shares of Adverum Biotechnologies by 226.6% during the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock worth $143,000 after buying an additional 21,274 shares during the period. Marshall Wace LLP boosted its holdings in shares of Adverum Biotechnologies by 128.5% during the 4th quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company’s stock worth $458,000 after buying an additional 55,130 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Adverum Biotechnologies by 249.6% during the 4th quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock worth $605,000 after buying an additional 92,533 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after buying an additional 3,434 shares during the period. Institutional investors own 48.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Chardan Capital reaffirmed a “buy” rating and set a $33.00 target price on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Finally, Royal Bank of Canada reduced their target price on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating for the company in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.40.

Adverum Biotechnologies Price Performance

NASDAQ ADVM opened at $2.59 on Friday. The company has a market capitalization of $54.11 million, a P/E ratio of -0.43 and a beta of 0.71. Adverum Biotechnologies, Inc. has a 12-month low of $1.78 and a 12-month high of $10.14. The firm has a 50-day moving average price of $2.80 and a two-hundred day moving average price of $4.08.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). Equities analysts expect that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current year.

Insider Activity

In other news, major shareholder Braden Michael Leonard bought 50,000 shares of the company’s stock in a transaction dated Wednesday, April 23rd. The stock was bought at an average cost of $2.98 per share, for a total transaction of $149,000.00. Following the transaction, the insider now owns 191,800 shares of the company’s stock, valued at $571,564. This represents a 35.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders bought 198,123 shares of company stock worth $863,040 and sold 13,010 shares worth $26,020. Corporate insiders own 6.00% of the company’s stock.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.