Cantor Fitzgerald Reaffirms Neutral Rating for Adverum Biotechnologies (NASDAQ:ADVM)
Cantor Fitzgerald reiterated their neutral rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research note issued to investors on Tuesday morning, The Fly reports. Cantor Fitzgerald currently has a $8.00 price target on the biotechnology company’s stock, up from their prior price target of $3.00.
Several other research firms have also recently commented on ADVM. Cowen reissued a buy rating on shares of Adverum Biotechnologies in a research note on Tuesday, July 9th. SunTrust Banks lowered their target price on Adverum Biotechnologies from $12.00 to $8.00 and set a hold rating for the company in a research note on Friday, September 13th. Zacks Investment Research cut Adverum Biotechnologies from a strong-buy rating to a hold rating in a research note on Tuesday, July 30th. Chardan Capital lowered their target price on Adverum Biotechnologies from $10.00 to $6.00 and set a neutral rating for the company in a research note on Friday, September 13th. Finally, Raymond James assumed coverage on Adverum Biotechnologies in a research note on Thursday, June 13th. They issued a market perform rating for the company. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Adverum Biotechnologies currently has an average rating of Hold and an average target price of $10.40.
NASDAQ ADVM opened at $6.44 on Tuesday. The stock has a fifty day moving average of $10.66 and a 200-day moving average of $9.30. Adverum Biotechnologies has a 52 week low of $2.62 and a 52 week high of $16.38. The company has a debt-to-equity ratio of 0.12, a current ratio of 17.79 and a quick ratio of 17.79.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UBS Group AG boosted its position in shares of Adverum Biotechnologies by 52.1% in the 2nd quarter. UBS Group AG now owns 3,138,539 shares of the biotechnology company’s stock worth $37,317,000 after purchasing an additional 1,074,535 shares during the last quarter. Orbimed Advisors LLC boosted its position in shares of Adverum Biotechnologies by 57.7% in the 2nd quarter. Orbimed Advisors LLC now owns 1,960,200 shares of the biotechnology company’s stock worth $23,307,000 after purchasing an additional 717,000 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of Adverum Biotechnologies in the 2nd quarter worth $6,635,000. Vanguard Group Inc. boosted its position in shares of Adverum Biotechnologies by 19.2% in the 2nd quarter. Vanguard Group Inc. now owns 2,524,477 shares of the biotechnology company’s stock worth $30,016,000 after purchasing an additional 406,963 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Adverum Biotechnologies by 12.7% in the 1st quarter. JPMorgan Chase & Co. now owns 3,297,793 shares of the biotechnology company’s stock worth $17,281,000 after purchasing an additional 371,461 shares during the last quarter. 71.78% of the stock is owned by institutional investors.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.
Further Reading: Overbought
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