Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Shares Acquired by BML Capital Management LLC

BML Capital Management LLC boosted its stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 15.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,268,064 shares of the biotechnology company’s stock after purchasing an additional 302,064 shares during the period. Adverum Biotechnologies comprises approximately 9.4% of BML Capital Management LLC’s investment portfolio, making the stock its 6th biggest position. BML Capital Management LLC owned approximately 10.90% of Adverum Biotechnologies worth $15,922,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ADVM. SG Americas Securities LLC bought a new stake in Adverum Biotechnologies during the third quarter valued at $74,000. Rhumbline Advisers boosted its position in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Adverum Biotechnologies during the second quarter valued at $443,000. Squarepoint Ops LLC boosted its position in Adverum Biotechnologies by 301.1% during the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after acquiring an additional 81,808 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in Adverum Biotechnologies during the first quarter valued at $1,755,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Truist Financial cut their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Royal Bank of Canada cut their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Chardan Capital increased their price objective on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Trading Up 0.3 %

NASDAQ ADVM traded up $0.02 during trading hours on Tuesday, hitting $7.78. The company’s stock had a trading volume of 8,398 shares, compared to its average volume of 275,685. Adverum Biotechnologies, Inc. has a 52 week low of $6.38 and a 52 week high of $29.70. The company has a market capitalization of $161.82 million, a PE ratio of -1.30 and a beta of 1.02. The company’s 50-day simple moving average is $7.44 and its two-hundred day simple moving average is $7.64.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. Research analysts anticipate that Adverum Biotechnologies, Inc. will post -4.89 EPS for the current fiscal year.

Adverum Biotechnologies Profile

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.