Fmr LLC Trims Holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Fmr LLC reduced its holdings in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 63.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 234,718 shares of the biotechnology company’s stock after selling 402,791 shares during the period. Fmr LLC’s holdings in Adverum Biotechnologies were worth $1,648,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in Adverum Biotechnologies by 2.4% during the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after buying an additional 3,169 shares during the period. SG Americas Securities LLC acquired a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at $74,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at $93,000. Rhumbline Advisers boosted its holdings 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 valued at $211,000 after buying an additional 30,528 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Adverum Biotechnologies in the 2nd quarter valued at $443,000. 48.17% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Price Performance

ADVM opened at $5.37 on Monday. Adverum Biotechnologies, Inc. has a 12-month low of $5.36 and a 12-month high of $29.70. The firm’s fifty day moving average price is $7.11 and its 200 day moving average price is $7.20. The stock has a market capitalization of $111.70 million, a PE ratio of -0.90 and a beta of 0.91.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. On average, equities research analysts forecast that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ADVM shares. Royal Bank of Canada reduced their price target on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Company 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.