Adverum Biotechnologies (NASDAQ:ADVM) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Adverum Biotechnologies (NASDAQ:ADVM) to a strong sell rating in a report issued on Saturday morning.

ADVM has been the topic of a number of other reports. Mizuho set a $5.50 target price on Adverum Biotechnologies in a research report on Wednesday, October 29th. Chardan Capital downgraded shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Truist Financial set a $5.00 target price on shares of Adverum Biotechnologies in a research note on Friday, October 24th. HC Wainwright reaffirmed a “neutral” rating and issued a $5.00 price objective (down from $30.00) on shares of Adverum Biotechnologies in a research report on Monday, November 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adverum Biotechnologies in a research report on Wednesday, October 8th. 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 data from MarketBeat.com, Adverum Biotechnologies presently has an average rating of “Hold” and an average target price of $10.50.

Adverum Biotechnologies Stock Up 2.3%

Shares of NASDAQ:ADVM opened at $4.36 on Friday. The business has a fifty day simple moving average of $4.33 and a 200 day simple moving average of $3.42. Adverum Biotechnologies has a 12-month low of $1.78 and a 12-month high of $6.12. The firm has a market cap of $96.26 million, a P/E ratio of -0.51 and a beta of 0.87.

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

Insiders Place Their Bets

In related news, major shareholder Braden Michael Leonard sold 524,560 shares of Adverum Biotechnologies stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $4.19, for a total value of $2,197,906.40. Following the completion of the sale, the insider owned 1,958,080 shares of the company’s stock, valued at approximately $8,204,355.20. This trade represents a 21.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Peter Soparkar acquired 50,000 shares of the company’s stock in a transaction on Friday, December 5th. The shares were acquired at an average cost of $4.22 per share, for a total transaction of $211,000.00. Following the completion of the acquisition, the chief operating officer owned 80,189 shares of the company’s stock, valued at approximately $338,397.58. The trade was a 165.62% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 178,699 shares of company stock valued at $764,917 and sold 1,099,446 shares valued at $4,605,740. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

Institutional investors have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Adverum Biotechnologies during the third quarter worth $58,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Adverum Biotechnologies during the 2nd quarter valued at $45,000. XTX Topco Ltd purchased a new stake in Adverum Biotechnologies during the 2nd quarter worth about $64,000. Qube Research & Technologies Ltd bought a new position in Adverum Biotechnologies in the 2nd quarter worth about $66,000. Finally, Nuveen LLC bought a new position in shares of Adverum Biotechnologies in the first quarter valued at approximately $139,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

About Adverum Biotechnologies

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.