Adverum Biotechnologies (NASDAQ:ADVM) had its price objective decreased by SunTrust Banks from $12.00 to $8.00 in a report released on Friday, BenzingaRatingsTable reports. SunTrust Banks currently has a hold rating on the biotechnology company’s stock.

Several other analysts have also weighed in on ADVM. Zacks Investment Research lowered Adverum Biotechnologies from a strong-buy rating to a hold rating in a research note on Tuesday, July 30th. Chardan Capital reduced their price objective on Adverum Biotechnologies from $10.00 to $6.00 and set a neutral rating on the stock in a research note on Friday. Cowen reaffirmed a buy rating on shares of Adverum Biotechnologies in a research note on Tuesday, July 9th. ValuEngine downgraded Adverum Biotechnologies from a buy rating to a hold rating in a research report on Thursday, September 12th. Finally, Raymond James initiated coverage on Adverum Biotechnologies in a research report on Thursday, June 13th. They issued a market perform rating for the company. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $9.60.

NASDAQ:ADVM opened at $6.29 on Friday. The stock’s 50-day simple moving average is $11.27 and its 200 day simple moving average is $9.26. The firm has a market capitalization of $384.18 million, a PE ratio of -5.33 and a beta of 2.49. The company has a quick ratio of 17.79, a current ratio of 17.79 and a debt-to-equity ratio of 0.12. Adverum Biotechnologies has a twelve month low of $2.62 and a twelve month high of $16.38.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.08. Adverum Biotechnologies had a negative return on equity of 31.21% and a negative net margin of 4,505.40%. On average, analysts anticipate that Adverum Biotechnologies will post -1.02 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in Adverum Biotechnologies by 12.7% in the first quarter. JPMorgan Chase & Co. now owns 3,297,793 shares of the biotechnology company’s stock valued at $17,281,000 after purchasing an additional 371,461 shares during the last quarter. Atika Capital Management LLC bought a new position in Adverum Biotechnologies in the second quarter valued at about $4,387,000. BNP Paribas Arbitrage SA raised its position in Adverum Biotechnologies by 94.9% in the first quarter. BNP Paribas Arbitrage SA now owns 16,504 shares of the biotechnology company’s stock valued at $86,000 after purchasing an additional 8,038 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in Adverum Biotechnologies in the first quarter valued at about $150,000. Finally, Renaissance Technologies LLC raised its position in Adverum Biotechnologies by 1.7% in the second quarter. Renaissance Technologies LLC now owns 3,857,500 shares of the biotechnology company’s stock valued at $45,866,000 after purchasing an additional 63,200 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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