Rhumbline Advisers Buys 30,528 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Rhumbline Advisers increased its position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 10,419.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 30,821 shares of the biotechnology company’s stock after buying an additional 30,528 shares during the period. Rhumbline Advisers owned about 0.15% of Adverum Biotechnologies worth $211,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new position in shares of Adverum Biotechnologies during the first quarter valued at about $1,755,000. Assenagon Asset Management S.A. grew its holdings in Adverum Biotechnologies by 72.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after buying an additional 259,191 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Adverum Biotechnologies during the 2nd quarter valued at approximately $443,000. Avoro Capital Advisors LLC bought a new stake in Adverum Biotechnologies in the 1st quarter worth approximately $5,892,000. Finally, Twin Focus Capital Partners LLC bought a new position in Adverum Biotechnologies during the fourth quarter valued at $75,000. Institutional investors own 48.17% of the company’s stock.

Analyst Ratings Changes

ADVM has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. Oppenheimer assumed coverage on Adverum Biotechnologies in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 target price for the company. Royal Bank of Canada decreased their price objective on shares of 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 upped their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.17.

Insider Activity at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard bought 85,800 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were purchased at an average price of $7.15 per share, for a total transaction of $613,470.00. Following the completion of the transaction, the insider now owns 2,268,064 shares in the company, valued at $16,216,657.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.20% of the stock is owned by corporate insiders.

Adverum Biotechnologies Stock Performance

Shares of ADVM stock opened at $6.94 on Friday. Adverum Biotechnologies, Inc. has a 1 year low of $6.38 and a 1 year high of $29.70. The firm has a market cap of $144.05 million, a price-to-earnings ratio of -0.68 and a beta of 1.03. The stock’s 50-day moving average is $7.09 and its two-hundred day moving average is $8.99.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $0.58. As a group, research analysts predict that Adverum Biotechnologies, Inc. will post -4.64 EPS for the current year.

About Adverum Biotechnologies

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.