Adverum Biotechnologies (NASDAQ:ADVM) Lowered to “Strong Sell” Rating by Wall Street Zen

Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by analysts at Wall Street Zen to a “strong sell” rating in a research report issued on Saturday.

Several other brokerages have also recently issued reports on ADVM. Royal Bank Of Canada set a $4.00 price target on Adverum Biotechnologies in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adverum Biotechnologies in a research report on Wednesday, October 8th. Chardan Capital lowered shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. HC Wainwright reiterated a “neutral” rating and issued a $5.00 target price (down from $30.00) on shares of Adverum Biotechnologies in a report on Monday, November 17th. Finally, Mizuho set a $5.50 target price on shares of Adverum Biotechnologies in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Adverum Biotechnologies has an average rating of “Hold” and a consensus target price of $10.50.

Adverum Biotechnologies Stock Performance

ADVM opened at $4.36 on Friday. The company has a market capitalization of $96.26 million, a P/E ratio of -0.51 and a beta of 0.87. The company has a 50-day moving average of $4.35 and a 200-day moving average of $3.39. Adverum Biotechnologies has a 1-year low of $1.78 and a 1-year high of $6.12.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Wednesday, November 12th. The biotechnology company reported ($2.03) EPS for the quarter, missing the consensus estimate of ($1.80) by ($0.23). As a group, sell-side analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard sold 524,560 shares of Adverum Biotechnologies stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $4.19, for a total value of $2,197,906.40. Following the transaction, the insider owned 1,958,080 shares of the company’s stock, valued at $8,204,355.20. This trade represents a 21.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Laurent Fischer purchased 117,614 shares of the stock in a transaction dated Monday, December 8th. The stock was acquired at an average cost of $4.31 per share, for a total transaction of $506,916.34. Following the completion of the transaction, the chief executive officer owned 201,513 shares of the company’s stock, valued at $868,521.03. The trade was a 140.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 178,699 shares of company stock worth $764,917 and have sold 1,099,446 shares worth $4,605,740. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Invesco Ltd. bought a new position in Adverum Biotechnologies in the first quarter worth $218,000. Nuveen LLC acquired a new stake in shares of Adverum Biotechnologies during the 1st quarter valued at about $139,000. Pale Fire Capital SE increased its stake in Adverum Biotechnologies by 16.9% in the first quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company’s stock valued at $1,609,000 after acquiring an additional 53,113 shares during the period. AQR Capital Management LLC acquired a new position in Adverum Biotechnologies in the first quarter worth about $148,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Adverum Biotechnologies during the second quarter valued at approximately $45,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.