Adverum Biotechnologies Inc (NASDAQ:ADVM) shares reached a new 52-week high on Wednesday . The company traded as high as $4.23 and last traded at $3.65, with a volume of 1794300 shares changing hands. The stock had previously closed at $3.50.
A number of brokerages recently commented on ADVM. Chardan Capital reiterated a “hold” rating on shares of Adverum Biotechnologies in a report on Tuesday, December 19th. Zacks Investment Research lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Raymond James Financial began coverage on Adverum Biotechnologies in a report on Thursday, October 12th. They set an “outperform” rating and a $6.00 price target on the stock. Finally, ValuEngine upgraded Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a report on Monday, October 16th.
The stock has a market capitalization of $193.68, a price-to-earnings ratio of -2.43 and a beta of 2.44.
Large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC purchased a new stake in Adverum Biotechnologies in the third quarter worth $108,000. Virtu KCG Holdings LLC purchased a new stake in Adverum Biotechnologies in the second quarter worth $144,000. Susquehanna International Group LLP purchased a new stake in Adverum Biotechnologies in the second quarter worth $162,000. Russell Investments Group Ltd. purchased a new stake in Adverum Biotechnologies in the third quarter worth $241,000. Finally, JPMorgan Chase & Co. increased its position in Adverum Biotechnologies by 41.6% in the third quarter. JPMorgan Chase & Co. now owns 103,009 shares of the biotechnology company’s stock worth $355,000 after buying an additional 30,254 shares during the last quarter. 30.14% of the stock is owned by institutional investors and hedge funds.
Adverum Biotechnologies Company Profile
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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