Ergoteles LLC Sells 51,116 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Posted by on Mar 4th, 2023

Ergoteles LLC reduced its position in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Rating) by 12.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 368,684 shares of the biotechnology company’s stock after selling 51,116 shares during the quarter. Ergoteles LLC owned about 0.37% of Adverum Biotechnologies worth $350,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rafferty Asset Management LLC grew its position in shares of Adverum Biotechnologies by 55.9% during the 2nd quarter. Rafferty Asset Management LLC now owns 69,954 shares of the biotechnology company’s stock worth $84,000 after buying an additional 25,076 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Adverum Biotechnologies by 73.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 203,725 shares of the biotechnology company’s stock worth $194,000 after buying an additional 86,213 shares during the period. Renaissance Technologies LLC grew its position in shares of Adverum Biotechnologies by 175.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,093,041 shares of the biotechnology company’s stock worth $1,312,000 after buying an additional 696,600 shares during the period. Millennium Management LLC acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter worth about $1,246,000. Finally, Invesco Ltd. grew its position in shares of Adverum Biotechnologies by 996.9% during the 1st quarter. Invesco Ltd. now owns 286,314 shares of the biotechnology company’s stock worth $375,000 after buying an additional 260,211 shares during the period. 63.68% of the stock is owned by institutional investors.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $0.76 on Friday. The stock has a 50 day simple moving average of $0.66 and a 200 day simple moving average of $0.81. Adverum Biotechnologies, Inc. has a 52-week low of $0.53 and a 52-week high of $1.82. The firm has a market capitalization of $75.79 million, a PE ratio of -0.48 and a beta of 0.77.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ADVM shares. Chardan Capital decreased their price objective on Adverum Biotechnologies from $2.50 to $2.00 and set a “neutral” rating for the company in a research report on Friday, November 11th. Royal Bank of Canada decreased their price objective on Adverum Biotechnologies from $5.00 to $3.00 and set a “sector perform” rating for the company in a research report on Friday, November 11th.

Adverum Biotechnologies Profile

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Adverum Biotechnologies, Inc is a clinical-stage gene therapy company that engages in the development of gene therapies for ocular and rare diseases. The company was founded by Mark S. Blumenkranz, Thomas W. Chalberg, Jr., Mitchell H. Finer, and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Redwood City, CA.

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Institutional Ownership by Quarter for Adverum Biotechnologies (NASDAQ:ADVM)

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