Avalanche Biotechnologies Inc. (NASDAQ:ADVM)’s share price dropped 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. The stock had previously closed at $3.39.

ADVM has been the subject of a number of research reports. Cowen and Company initiated coverage on Avalanche Biotechnologies in a report on Friday, May 27th. They issued an “outperform” rating for the company. Zacks Investment Research downgraded Avalanche Biotechnologies from a “buy” rating to a “hold” rating in a report on Monday, April 4th. Finally, Chardan Capital downgraded Avalanche Biotechnologies from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $7.50 to $5.00 in a report on Wednesday, June 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Avalanche Biotechnologies presently has a consensus rating of “Hold” and a consensus price target of $9.06.

The company’s market cap is $84.38 million. The company has a 50 day moving average price of $3.64 and a 200-day moving average price of $5.05.

Avalanche Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Friday, May 6th. The company reported ($0.57) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.39) by $0.18. Equities analysts anticipate that Avalanche Biotechnologies Inc. will post ($1.81) EPS for the current 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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