State Street Corp Raises Position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

State Street Corp boosted its position in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 32.7% in the third quarter, Holdings Channel.com reports. The firm owned 369,616 shares of the biotechnology company’s stock after acquiring an additional 91,112 shares during the period. State Street Corp’s holdings in Adverum Biotechnologies were worth $2,595,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies during the third quarter worth about $71,000. MetLife Investment Management LLC grew its stake in Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after purchasing an additional 7,089 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Adverum Biotechnologies by 177.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Adverum Biotechnologies during the 3rd quarter valued at approximately $93,000. Finally, BML Capital Management LLC boosted its stake in shares of Adverum Biotechnologies by 15.4% during the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after buying an additional 302,064 shares during the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Trading Down 0.4 %

NASDAQ:ADVM opened at $4.67 on Wednesday. The stock has a 50 day moving average of $6.39 and a 200-day moving average of $6.97. The firm has a market capitalization of $97.15 million, a PE ratio of -0.78 and a beta of 0.91. Adverum Biotechnologies, Inc. has a 52 week low of $4.42 and a 52 week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. As a group, analysts predict that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADVM. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. Royal Bank of Canada cut their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $27.83.

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.