Zacks Investment Research downgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a buy rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Adverum is a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases. Adverum develops gene therapy product candidates designed to provide durable efficacy by inducing sustained expression of a therapeutic protein. Adverum¬ís core capabilities include clinical development, novel vector discovery and in-house manufacturing expertise, specifically in scalable process development, assay development, and current Good Manufacturing Practices quality control. “

Several other research analysts also recently commented on ADVM. Cantor Fitzgerald raised shares of Adverum Biotechnologies from a neutral rating to an overweight rating and raised their price target for the stock from $8.00 to $21.00 in a research note on Sunday, February 9th. ValuEngine raised shares of Adverum Biotechnologies from a hold rating to a buy rating in a research report on Thursday, April 2nd. SVB Leerink raised their target price on shares of Adverum Biotechnologies from $17.00 to $20.00 and gave the company an outperform rating in a research report on Tuesday, May 5th. BidaskClub downgraded shares of Adverum Biotechnologies from a buy rating to a hold rating in a research report on Tuesday. Finally, Royal Bank of Canada assumed coverage on shares of Adverum Biotechnologies in a research report on Tuesday, May 12th. They set an outperform rating and a $24.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $20.33.

ADVM stock opened at $20.56 on Tuesday. Adverum Biotechnologies has a 12 month low of $4.96 and a 12 month high of $23.79. The firm’s 50-day moving average is $13.92 and its 200 day moving average is $11.83. The company has a quick ratio of 9.06, a current ratio of 9.06 and a debt-to-equity ratio of 0.16.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Thursday, March 12th. The biotechnology company reported ($0.29) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.29). As a group, sell-side analysts predict that Adverum Biotechnologies will post -1.1 EPS for the current year.

In other news, CEO Leone D. Patterson sold 39,526 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $10.17, for a total value of $401,979.42. Following the sale, the chief executive officer now directly owns 162,955 shares in the company, valued at approximately $1,657,252.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mehdi Gasmi sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $20.03, for a total transaction of $500,750.00. The disclosure for this sale can be found here. Insiders sold a total of 90,000 shares of company stock worth $1,398,729 over the last 90 days. Company insiders own 4.20% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Atlas Capital Advisors LLC bought a new stake in shares of Adverum Biotechnologies in the 1st quarter valued at about $29,000. Great West Life Assurance Co. Can acquired a new stake in Adverum Biotechnologies in the 4th quarter worth approximately $44,000. Ameritas Investment Partners Inc. boosted its stake in Adverum Biotechnologies by 25.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,510 shares of the biotechnology company’s stock worth $54,000 after purchasing an additional 1,112 shares in the last quarter. Bank of Montreal Can boosted its stake in Adverum Biotechnologies by 44.0% in the 4th quarter. Bank of Montreal Can now owns 6,817 shares of the biotechnology company’s stock worth $79,000 after purchasing an additional 2,082 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Adverum Biotechnologies in the 4th quarter worth approximately $93,000. Institutional investors and hedge funds own 83.88% 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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