Adverum Biotechnologies, Inc. (NASDAQ:ADVM) is BML Capital Management LLC’s 6th Largest Position

BML Capital Management LLC increased its stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 15.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,268,064 shares of the biotechnology company’s stock after buying an additional 302,064 shares during the period. Adverum Biotechnologies comprises 9.4% of BML Capital Management LLC’s investment portfolio, making the stock its 6th biggest holding. BML Capital Management LLC owned about 0.11% of Adverum Biotechnologies worth $15,922,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Renaissance Technologies LLC increased its holdings in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after buying an additional 3,169 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Adverum Biotechnologies during the 3rd quarter valued at approximately $74,000. Rhumbline Advisers increased its stake in shares of Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after purchasing an additional 30,528 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $443,000. Finally, Marshall Wace LLP lifted its stake in Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after purchasing an additional 70,768 shares during the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock traded up $0.02 during midday trading on Tuesday, reaching $7.78. 8,398 shares of the stock were exchanged, compared to its average volume of 275,685. The company’s fifty day moving average is $7.44 and its 200-day moving average is $7.64. The firm has a market cap of $161.82 million, a PE ratio of -1.30 and a beta of 1.02. Adverum Biotechnologies, Inc. has a 52 week low of $6.38 and a 52 week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. On average, sell-side analysts anticipate that Adverum Biotechnologies, Inc. will post -4.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADVM has been the subject of a number of recent research reports. Chardan Capital raised their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Truist Financial decreased their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Royal Bank of Canada reduced their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Adverum Biotechnologies presently has an average rating of “Moderate Buy” and an average target price of $27.83.

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.