Avalanche Biotechnologies Inc. (NASDAQ:ADVM) shares shot up 2.6% during mid-day trading on Friday . The stock traded as high as $3.13 and last traded at $3.12, with a volume of 58,009 shares. The stock had previously closed at $3.04.

Several brokerages have issued reports on ADVM. Cowen and Company initiated coverage on Avalanche Biotechnologies in a report on Friday, May 27th. They issued an “outperform” rating on the stock. Chardan Capital lowered Avalanche Biotechnologies from a “buy” rating to a “neutral” rating and dropped their target price for the company from $7.50 to $5.00 in a report on Wednesday, June 8th. Finally, Zacks Investment Research lowered Avalanche Biotechnologies from a “buy” rating to a “hold” rating in a report on Monday, April 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $9.06.

The company’s 50 day moving average price is $3.64 and its 200 day moving average price is $5.05. The firm’s market capitalization is $85.73 million.

Avalanche Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Friday, May 6th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by $0.18. On average, analysts anticipate that Avalanche Biotechnologies Inc. will post ($1.81) EPS for the current fiscal year.

Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.

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