Bank of America Corp DE Grows Stock Position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Bank of America Corp DE lifted its position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 16.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,576 shares of the biotechnology company’s stock after acquiring an additional 6,094 shares during the quarter. Bank of America Corp DE owned 0.21% of Adverum Biotechnologies worth $204,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADVM. Dimensional Fund Advisors LP raised its holdings in shares of Adverum Biotechnologies by 50.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock worth $1,452,000 after buying an additional 104,262 shares during the period. Marshall Wace LLP grew its position in Adverum Biotechnologies by 128.5% in the 4th quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company’s stock valued at $458,000 after acquiring an additional 55,130 shares during the last quarter. Barclays PLC increased its stake in Adverum Biotechnologies by 11.3% in the fourth quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock worth $186,000 after purchasing an additional 4,055 shares during the period. Renaissance Technologies LLC lifted its position in shares of Adverum Biotechnologies by 249.6% during the fourth quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock worth $605,000 after purchasing an additional 92,533 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Adverum Biotechnologies by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after purchasing an additional 2,659 shares during the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADVM has been the subject of several research analyst reports. Royal Bank of Canada decreased their price target on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Thursday, May 15th. Chardan Capital restated a “buy” rating and set a $33.00 price objective on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.40.

Insider Transactions at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard acquired 50,000 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were purchased at an average price of $2.98 per share, with a total value of $149,000.00. Following the transaction, the insider now directly owns 191,800 shares in the company, valued at approximately $571,564. This represents a 35.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders purchased 198,123 shares of company stock valued at $863,040 and sold 13,010 shares valued at $26,020. Corporate insiders own 6.00% of the company’s stock.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $2.46 on Monday. The company has a 50 day moving average price of $2.78 and a 200-day moving average price of $4.02. Adverum Biotechnologies, Inc. has a fifty-two week low of $1.78 and a fifty-two week high of $10.14. The stock has a market capitalization of $51.39 million, a PE ratio of -0.41 and a beta of 0.71.

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

Adverum Biotechnologies 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.