Y Intercept Hong Kong Ltd Invests $45,000 in Adverum Biotechnologies, Inc. $ADVM

Y Intercept Hong Kong Ltd bought a new stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) during the second quarter, according to its most recent filing with the SEC. The firm bought 21,122 shares of the biotechnology company’s stock, valued at approximately $45,000. Y Intercept Hong Kong Ltd owned about 0.10% of Adverum Biotechnologies at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new position in Adverum Biotechnologies during the 1st quarter worth $139,000. AQR Capital Management LLC bought a new position in shares of Adverum Biotechnologies in the first quarter worth about $148,000. Invesco Ltd. acquired a new position in shares of Adverum Biotechnologies during the 1st quarter worth about $218,000. Pale Fire Capital SE boosted its stake in Adverum Biotechnologies by 16.9% during the 1st quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company’s stock valued at $1,609,000 after purchasing an additional 53,113 shares during the period. Finally, BML Capital Management LLC boosted its stake in Adverum Biotechnologies by 20.9% during the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company’s stock valued at $11,984,000 after purchasing an additional 474,253 shares during the period. Institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Price Performance

Shares of ADVM stock opened at $4.32 on Monday. Adverum Biotechnologies, Inc. has a one year low of $1.78 and a one year high of $8.18. The stock has a fifty day moving average price of $4.10 and a 200 day moving average price of $3.13. The stock has a market cap of $90.65 million, a P/E ratio of -0.55 and a beta of 1.01.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Tuesday, August 12th. The biotechnology company reported ($2.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.24) by ($0.10). Equities research analysts anticipate that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Chardan Capital downgraded Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Royal Bank Of Canada set a $4.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, October 28th. Mizuho set a $5.50 target price on shares of Adverum Biotechnologies in a research note on Wednesday, October 29th. Truist Financial set a $5.00 price target on shares of Adverum Biotechnologies in a research report on Friday, October 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adverum Biotechnologies in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.50.

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.