Zacks Investment Research lowered shares of Adverum Biotechnologies (NASDAQ:ADVM) from a buy rating to a hold rating in a report issued on Wednesday.

According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “

Separately, BidaskClub upgraded Adverum Biotechnologies from a hold rating to a buy rating in a research report on Wednesday, March 6th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Adverum Biotechnologies has a consensus rating of Hold and an average price target of $6.55.

Shares of ADVM stock opened at $5.04 on Wednesday. The company has a market cap of $305.89 million, a price-to-earnings ratio of -4.27 and a beta of 3.13. Adverum Biotechnologies has a 12-month low of $2.62 and a 12-month high of $8.05.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Wednesday, March 6th. The biotechnology company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. The business had revenue of $0.07 million for the quarter, compared to the consensus estimate of $0.39 million. Adverum Biotechnologies had a negative return on equity of 30.18% and a negative net margin of 4,505.40%. As a group, equities analysts forecast that Adverum Biotechnologies will post -1.21 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. RTW Investments LP grew its holdings in shares of Adverum Biotechnologies by 3,285.4% in the 4th quarter. RTW Investments LP now owns 6,256,840 shares of the biotechnology company’s stock worth $19,709,000 after acquiring an additional 6,072,019 shares during the period. BlackRock Inc. lifted its stake in Adverum Biotechnologies by 20.4% in the 4th quarter. BlackRock Inc. now owns 4,443,970 shares of the biotechnology company’s stock valued at $14,000,000 after buying an additional 753,735 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Adverum Biotechnologies by 4.6% in the 3rd quarter. Renaissance Technologies LLC now owns 3,542,500 shares of the biotechnology company’s stock valued at $21,432,000 after buying an additional 154,900 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Adverum Biotechnologies by 8.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,767,090 shares of the biotechnology company’s stock valued at $16,740,000 after buying an additional 214,770 shares in the last quarter. Finally, Vanguard Group Inc lifted its stake in Adverum Biotechnologies by 1.9% in the 3rd quarter. Vanguard Group Inc now owns 2,246,018 shares of the biotechnology company’s stock valued at $13,589,000 after buying an additional 42,684 shares in the last quarter. Hedge funds and other institutional investors own 60.38% of the company’s stock.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company’s pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.

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