Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Stock Holdings Boosted by Principia Wealth Advisory LLC

Principia Wealth Advisory LLC grew its position in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 27.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,696,815 shares of the biotechnology company’s stock after acquiring an additional 366,155 shares during the quarter. Adverum Biotechnologies accounts for approximately 6.9% of Principia Wealth Advisory LLC’s portfolio, making the stock its 5th largest holding. Principia Wealth Advisory LLC owned about 8.16% of Adverum Biotechnologies worth $7,415,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Wells Fargo & Company MN boosted its holdings in shares of Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after buying an additional 2,659 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after buying an additional 4,362 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Adverum Biotechnologies by 226.6% in 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 last quarter. Corton Capital Inc. purchased a new position in shares of Adverum Biotechnologies in the 4th quarter worth about $153,000. Finally, Barclays PLC boosted its holdings in shares of Adverum Biotechnologies by 11.3% in the 4th quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock worth $186,000 after buying an additional 4,055 shares during the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Trading Up 16.9%

Shares of ADVM stock opened at $2.83 on Friday. The stock has a market capitalization of $59.12 million, a P/E ratio of -0.47 and a beta of 0.71. The firm’s 50 day moving average is $2.89 and its 200 day moving average is $4.17. Adverum Biotechnologies, Inc. has a 12 month low of $1.78 and a 12 month high of $10.14.

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Royal Bank of Canada cut their price target on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating on the stock in a report on Thursday, May 15th. Finally, Chardan Capital reissued a “buy” rating and issued a $33.00 price target 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 given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.40.

Insider Activity at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard bought 30,600 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $5.61 per share, with a total value of $171,666.00. Following the acquisition, the insider now owns 2,722,761 shares of the company’s stock, valued at approximately $15,274,689.21. The trade was a 1.14% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders have acquired 198,123 shares of company stock worth $863,040 and have sold 13,010 shares worth $26,020. 6.00% of the stock is currently owned by corporate insiders.

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.