Mangrove Partners acquired a new stake in Adverum Biotechnologies Inc (NASDAQ:ADVM) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 413,838 shares of the biotechnology company’s stock, valued at approximately $1,511,000. Adverum Biotechnologies comprises about 0.3% of Mangrove Partners’ investment portfolio, making the stock its 28th biggest position. Mangrove Partners owned about 0.92% of Adverum Biotechnologies as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Jane Street Group LLC purchased a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at approximately $108,000. Virtu KCG Holdings LLC acquired a new position in Adverum Biotechnologies in the 2nd quarter worth approximately $144,000. Susquehanna International Group LLP acquired a new position in Adverum Biotechnologies in the 2nd quarter worth approximately $162,000. Russell Investments Group Ltd. acquired a new position in Adverum Biotechnologies in the 3rd quarter worth approximately $241,000. Finally, LMR Partners LLP acquired a new position in Adverum Biotechnologies in the 2nd quarter worth approximately $244,000. 30.14% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on ADVM. ValuEngine upgraded shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a report on Monday, October 16th. Raymond James Financial began coverage on shares of Adverum Biotechnologies in a report on Thursday, October 12th. They issued an “outperform” rating and a $6.00 price target on the stock. Zacks Investment Research downgraded shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Chardan Capital reiterated a “hold” rating on shares of Adverum Biotechnologies in a report on Tuesday, December 19th.
Shares of Adverum Biotechnologies Inc (NASDAQ ADVM) traded up $0.15 during trading hours on Tuesday, reaching $3.65. 1,790,000 shares of the company traded hands, compared to its average volume of 544,424. The firm has a market cap of $164.40, a P/E ratio of -2.43 and a beta of 2.43. Adverum Biotechnologies Inc has a one year low of $2.40 and a one year high of $4.20.
Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Wednesday, November 8th. The biotechnology company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). The firm had revenue of $0.46 million for the quarter. Adverum Biotechnologies had a negative return on equity of 26.60% and a negative net margin of 3,398.29%. sell-side analysts anticipate that Adverum Biotechnologies Inc will post -1.31 EPS for the current fiscal year.
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Adverum Biotechnologies 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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