Captrust Financial Advisors Purchases New Holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Captrust Financial Advisors purchased a new stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,115 shares of the biotechnology company’s stock, valued at approximately $71,000.

Several other institutional investors have also made changes to their positions in ADVM. BNP Paribas Financial Markets boosted its stake in shares of Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares during the period. SG Americas Securities LLC bought a new stake in shares of Adverum Biotechnologies in the third quarter valued at approximately $74,000. MetLife Investment Management LLC boosted its stake in shares of Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 7,089 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Adverum Biotechnologies in the third quarter valued at approximately $93,000. Finally, Rhumbline Advisers boosted its stake in shares of Adverum Biotechnologies by 10,419.1% in the second 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 during the period. 48.17% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADVM. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Wednesday, December 11th. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada lowered their price objective 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. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM opened at $5.26 on Tuesday. The company has a fifty day moving average of $7.07 and a 200-day moving average of $7.18. The company has a market capitalization of $109.42 million, a PE ratio of -0.88 and a beta of 0.91. Adverum Biotechnologies, Inc. has a 52-week low of $5.21 and a 52-week high of $29.70.

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