Dimensional Fund Advisors LP Has $1.45 Million Stock Holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Dimensional Fund Advisors LP lifted its position in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 50.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 311,005 shares of the biotechnology company’s stock after acquiring an additional 104,262 shares during the period. Dimensional Fund Advisors LP’s holdings in Adverum Biotechnologies were worth $1,452,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Adverum Biotechnologies by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after purchasing an additional 3,434 shares during the period. Regeneron Pharmaceuticals Inc. bought a new position in shares of Adverum Biotechnologies in the fourth quarter worth $845,000. Renaissance Technologies LLC increased its position in shares of Adverum Biotechnologies by 249.6% in the fourth quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock worth $605,000 after purchasing an additional 92,533 shares during the period. Marshall Wace LLP increased its position in shares of Adverum Biotechnologies by 128.5% in the fourth quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company’s stock worth $458,000 after purchasing an additional 55,130 shares during the period. Finally, Trexquant Investment LP increased its position in shares of Adverum Biotechnologies by 167.9% in the fourth quarter. Trexquant Investment LP now owns 95,997 shares of the biotechnology company’s stock worth $448,000 after purchasing an additional 60,163 shares during the period. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $2.05 on Friday. Adverum Biotechnologies, Inc. has a 52-week low of $1.78 and a 52-week high of $10.14. The business’s 50 day moving average price is $3.69 and its two-hundred day moving average price is $4.74. The firm has a market cap of $42.83 million, a PE ratio of -0.34 and a beta of 1.03.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.34) by ($0.62). Research analysts predict that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

Analysts Set New Price Targets

ADVM has been the topic of a number of recent analyst reports. Royal Bank of Canada decreased their price target on Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Thursday. Chardan Capital reiterated a “buy” rating and issued a $33.00 target price on shares of Adverum Biotechnologies in a research report on Thursday. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $26.40.

Insider Buying and Selling

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 30,600 shares of Adverum Biotechnologies stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $5.61 per share, for a total transaction of $171,666.00. Following the purchase, the insider now directly owns 2,722,761 shares of the company’s stock, valued at $15,274,689.21. This trade represents a 1.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders purchased 198,123 shares of company stock worth $863,040. 4.20% of the stock is owned by corporate insiders.

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.