Adverum Biotechnologies (ADVM) Shares Up 5.8%

Shares of Adverum Biotechnologies Inc (NASDAQ:ADVM) shot up 5.8% during mid-day trading on Thursday . The company traded as high as $5.45 and last traded at $5.33. 597,383 shares traded hands during trading, an increase of 79% from the average session volume of 333,482 shares. The stock had previously closed at $5.04.

A number of brokerages recently issued reports on ADVM. Zacks Investment Research raised shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Thursday, November 15th. BidaskClub raised shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $6.55.

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The firm has a market capitalization of $305.89 million, a PE ratio of -4.52 and a beta of 3.13.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Wednesday, March 6th. The biotechnology company reported ($0.25) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.04. The company had revenue of $0.07 million during the quarter, compared to analysts’ expectations of $0.39 million. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 30.18%. As a group, sell-side analysts expect that Adverum Biotechnologies Inc will post -1.21 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new position in Adverum Biotechnologies during the fourth quarter worth $66,000. Dynamic Technology Lab Private Ltd acquired a new position in Adverum Biotechnologies during the third quarter worth $155,000. Wells Fargo & Company MN raised its position in Adverum Biotechnologies by 169.5% during the third quarter. Wells Fargo & Company MN now owns 34,142 shares of the biotechnology company’s stock worth $206,000 after acquiring an additional 21,474 shares during the period. Bank of America Corp DE raised its position in Adverum Biotechnologies by 185.8% during the fourth quarter. Bank of America Corp DE now owns 40,501 shares of the biotechnology company’s stock worth $128,000 after acquiring an additional 26,330 shares during the period. Finally, MetLife Investment Advisors LLC raised its position in Adverum Biotechnologies by 55.2% during the third quarter. MetLife Investment Advisors LLC now owns 43,973 shares of the biotechnology company’s stock worth $266,000 after acquiring an additional 15,632 shares during the period. Institutional investors own 60.38% of the company’s stock.

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Adverum Biotechnologies Company Profile (NASDAQ:ADVM)

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.

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