Zacks Investment Research Upgrades Adverum Biotechnologies, Inc. (ADVM) to “Hold”

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, July 17th.

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, ValuEngine downgraded Adverum Biotechnologies from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd.

Adverum Biotechnologies (NASDAQ:ADVM) remained flat at $2.55 during midday trading on Monday. The company’s stock had a trading volume of 65,402 shares. The company has a 50 day moving average of $2.58 and a 200-day moving average of $2.72. The stock’s market cap is $109.32 million. Adverum Biotechnologies has a 52-week low of $2.45 and a 52-week high of $4.79.

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Several large investors have recently added to or reduced their stakes in ADVM. Renaissance Technologies LLC increased its stake in Adverum Biotechnologies by 17.8% in the first quarter. Renaissance Technologies LLC now owns 1,141,977 shares of the biotechnology company’s stock valued at $3,083,000 after buying an additional 172,277 shares during the period. Primecap Management Co. CA increased its stake in Adverum Biotechnologies by 3.5% in the first quarter. Primecap Management Co. CA now owns 440,400 shares of the biotechnology company’s stock valued at $1,189,000 after buying an additional 14,800 shares during the period. Dimensional Fund Advisors LP increased its stake in Adverum Biotechnologies by 179.3% in the second quarter. Dimensional Fund Advisors LP now owns 304,741 shares of the biotechnology company’s stock valued at $762,000 after buying an additional 195,620 shares during the period. OxFORD Asset Management LLP increased its stake in Adverum Biotechnologies by 719.0% in the second quarter. OxFORD Asset Management LLP now owns 229,669 shares of the biotechnology company’s stock valued at $574,000 after buying an additional 201,628 shares during the period. Finally, AWM Investment Company Inc. purchased a new stake in Adverum Biotechnologies during the first quarter valued at $540,000. 32.35% of the stock is currently owned by institutional investors.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.

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