Shares of Avalanche Biotechnologies Inc. (NASDAQ:ADVM) were down 6.8% during mid-day trading on Wednesday . The company traded as low as $3.14 and last traded at $3.16, with a volume of 58,243 shares changing hands. The stock had previously closed at $3.39.

A number of research firms have recently weighed in on ADVM. Zacks Investment Research raised Avalanche Biotechnologies from a “hold” rating to a “buy” rating and set a $4.25 price objective on the stock in a research report on Tuesday, May 17th. Chardan Capital lowered Avalanche Biotechnologies from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $7.50 to $5.00 in a research report on Wednesday, June 8th. Finally, Cowen and Company began coverage on Avalanche Biotechnologies in a research report on Friday, May 27th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $9.06.

The firm’s market cap is $85.19 million. The company’s 50-day moving average is $3.72 and its 200-day moving average is $5.08.

Avalanche Biotechnologies (NASDAQ:ADVM) last released its earnings results on Friday, May 6th. The company reported ($0.57) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by $0.18. On average, equities research analysts expect 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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