Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Director Buys $135,000.00 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVMGet Free Report) Director James Paul Scopa purchased 100,000 shares of the stock in a transaction on Wednesday, February 7th. The shares were bought at an average price of $1.35 per share, for a total transaction of $135,000.00. Following the acquisition, the director now owns 100,000 shares of the company’s stock, valued at $135,000. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.

Adverum Biotechnologies Trading Down 12.2 %

Shares of Adverum Biotechnologies stock opened at $1.73 on Monday. The company’s fifty day simple moving average is $1.01 and its 200-day simple moving average is $1.23. The company has a market cap of $174.78 million, a price-to-earnings ratio of -1.37 and a beta of 0.71. Adverum Biotechnologies, Inc. has a 1 year low of $0.61 and a 1 year high of $2.97.

Adverum Biotechnologies (NASDAQ:ADVMGet Free Report) last announced its quarterly earnings data on Thursday, November 9th. The biotechnology company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.03). As a group, research analysts forecast that Adverum Biotechnologies, Inc. will post -1.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently modified their holdings of ADVM. Worth Venture Partners LLC lifted its position in Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after purchasing an additional 452,678 shares during the period. Apexium Financial LP acquired a new stake in Adverum Biotechnologies during the fourth quarter worth $45,000. Monaco Asset Management SAM boosted its stake in Adverum Biotechnologies by 33.8% during the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after buying an additional 20,000 shares in the last quarter. BML Capital Management LLC boosted its stake in Adverum Biotechnologies by 16.3% during the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after buying an additional 639,252 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Adverum Biotechnologies by 3.1% during the third quarter. Vanguard Group Inc. now owns 4,189,034 shares of the biotechnology company’s stock worth $6,284,000 after buying an additional 127,000 shares in the last quarter. Institutional investors and hedge funds own 70.87% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Mizuho increased their price target on Adverum Biotechnologies from $2.00 to $4.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4.00.

View Our Latest Research Report on ADVM

About Adverum Biotechnologies

(Get Free Report)

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular and rare diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with chronic retinal, including wet age-related macular degeneration and diabetic macular edema.

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