Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Shares Purchased by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP grew its holdings in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 741.8% in the 2nd quarter, Holdings Channel reports. The fund owned 223,427 shares of the biotechnology company’s stock after acquiring an additional 196,884 shares during the period. Dimensional Fund Advisors LP’s holdings in Adverum Biotechnologies were worth $1,533,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ADVM. Rhumbline Advisers grew its position in shares of Adverum Biotechnologies by 10,419.1% in the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies in the second quarter worth $443,000. Twin Focus Capital Partners LLC bought a new stake in Adverum Biotechnologies during the fourth quarter valued at $75,000. Picton Mahoney Asset Management acquired a new stake in shares of Adverum Biotechnologies during the first quarter worth $1,755,000. Finally, Avoro Capital Advisors LLC bought a new position in shares of Adverum Biotechnologies in the 1st quarter worth about $5,892,000. 48.17% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Stock Up 2.8 %

Shares of ADVM stock opened at $7.65 on Friday. The stock has a 50-day simple moving average of $7.01 and a 200 day simple moving average of $8.30. The stock has a market capitalization of $158.79 million, a P/E ratio of -0.75 and a beta of 1.04. Adverum Biotechnologies, Inc. has a fifty-two week low of $6.38 and a fifty-two week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, beating the consensus estimate of ($1.47) by $0.58. On average, sell-side analysts anticipate that Adverum Biotechnologies, Inc. will post -4.64 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Braden Michael Leonard purchased 85,800 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were acquired at an average price of $7.15 per share, for a total transaction of $613,470.00. Following the completion of the acquisition, the insider now directly owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADVM. Truist Financial lowered their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Royal Bank of Canada lowered their price objective on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 13th. Finally, Chardan Capital raised their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.17.

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.