Trade Report: The Avalanche Biotechnologies Inc. (ADVM) Cut to Hold at Zacks Investment Research

The Avalanche Biotechnologies Inc. (ADVM) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Avalanche Biotechnologies Inc. (NASDAQ:ADVM) from a buy rating to a hold rating in a research report released on Tuesday.

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. “

ADVM has been the topic of several other reports. Jefferies Group reissued a buy rating and set a $12.00 price objective on shares of Avalanche Biotechnologies in a research note on Wednesday, August 10th. Piper Jaffray Cos. set a $9.00 price objective on Avalanche Biotechnologies and gave the stock a buy rating in a research note on Thursday, August 18th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Avalanche Biotechnologies currently has an average rating of Buy and a consensus price target of $7.75.

Avalanche Biotechnologies (NASDAQ:ADVM) opened at 3.67 on Tuesday. Avalanche Biotechnologies has a 52-week low of $2.99 and a 52-week high of $10.69. The company’s 50-day moving average price is $3.91 and its 200-day moving average price is $4.18. The company’s market cap is $151.75 million.

Avalanche Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Tuesday, August 9th. The company reported ($1.76) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by $1.38. Avalanche Biotechnologies had a negative return on equity of 21.33% and a negative net margin of 4,234.61%. Equities research analysts expect that Avalanche Biotechnologies will post ($2.33) EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Oxford Asset Management acquired a new position in shares of Avalanche Biotechnologies during the second quarter valued at about $191,000. Schroder Investment Management Group acquired a new position in shares of Avalanche Biotechnologies during the second quarter valued at about $351,000. Granite Point Capital Management L.P. acquired a new position in shares of Avalanche Biotechnologies during the second quarter valued at about $589,000. JPMorgan Chase & Co. acquired a new position in shares of Avalanche Biotechnologies during the second quarter valued at about $102,000. Finally, Royce & Associates LP acquired a new position in shares of Avalanche Biotechnologies during the second quarter valued at about $611,000. Institutional investors and hedge funds own 37.91% of the company’s stock.

About Avalanche 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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