Several other research firms have also recently issued reports on ADVM. Raymond James cut Adverum Biotechnologies from a market perform rating to an underperform rating in a report on Friday, June 26th. Zacks Investment Research cut Adverum Biotechnologies from a hold rating to a sell rating in a report on Thursday, June 11th. SunTrust Banks upgraded Adverum Biotechnologies from a hold rating to a buy rating and lifted their price objective for the stock from $13.00 to $21.00 in a report on Tuesday, May 5th. SVB Leerink boosted their target price on Adverum Biotechnologies from $17.00 to $20.00 and gave the stock an outperform rating in a report on Tuesday, May 5th. Finally, Chardan Capital restated a buy rating on shares of Adverum Biotechnologies in a report on Saturday, May 30th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the stock. Adverum Biotechnologies has a consensus rating of Buy and an average target price of $21.89.
ADVM stock opened at $20.69 on Friday. The company has a current ratio of 17.92, a quick ratio of 17.92 and a debt-to-equity ratio of 0.09. Adverum Biotechnologies has a 12-month low of $4.96 and a 12-month high of $26.98. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -19.16 and a beta of 2.32. The business’s 50-day moving average is $21.25 and its 200 day moving average is $14.22.
In related news, Director Mehdi Gasmi sold 23,605 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $25.06, for a total value of $591,541.30. Following the transaction, the director now directly owns 298,047 shares in the company, valued at $7,469,057.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Leone D. Patterson sold 13,171 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $24.68, for a total value of $325,060.28. Following the completion of the transaction, the president now owns 110,488 shares in the company, valued at $2,726,843.84. The disclosure for this sale can be found here. Insiders sold 109,572 shares of company stock worth $2,440,225 over the last quarter. 12.40% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADVM. RA Capital Management L.P. purchased a new stake in Adverum Biotechnologies in the first quarter valued at approximately $71,054,000. Versant Venture Management LLC purchased a new stake in Adverum Biotechnologies in the first quarter valued at approximately $69,057,000. BlackRock Inc. raised its position in Adverum Biotechnologies by 11.6% in the first quarter. BlackRock Inc. now owns 5,044,527 shares of the biotechnology company’s stock valued at $49,285,000 after purchasing an additional 526,094 shares during the period. Kam Lawrence purchased a new stake in Adverum Biotechnologies in the fourth quarter valued at approximately $46,578,000. Finally, State Street Corp raised its position in Adverum Biotechnologies by 7.0% in the first quarter. State Street Corp now owns 3,342,089 shares of the biotechnology company’s stock valued at $32,652,000 after purchasing an additional 219,316 shares during the period.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.
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