Trexquant Slashes Stake in Adverum Biotechnologies, Inc. (ADVM)

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) is among the best fundamentally strong penny stocks to buy right now. During the first quarter, Trexquant Investment LP reduced its stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 80.5%. Following the offload of 77,303 shares, the institutional investor now owns 18,694 shares of the company’s stock, valued at approximately $82,000. According to the recent 13F filing with the SEC, the firm has an ownership of 0.09%.

Last month, Adverum Biotechnologies, Inc. (NASDAQ:ADVM) announced its financial results, highlighting its pipelines and future plans. The management revealed impressive advancement in the ARTEMIS Phase 3 trial, with enrollment fueled by growing enthusiasm from retina specialists and patients. The company seems to be well ahead of schedule, and as momentum grows, strategic partnership talks continue to build.

As the senior executive stated,

“This progress, along with increasing recognition of Ixo-vec’s potential as a best-in-class therapy, supports our active and ongoing partnering discussions. We are also excited about the recent vote of confidence from Frazier Life Sciences, one of our largest investors.”

Adverum Biotechnologies, Inc. (NASDAQ:ADVM), based in Redwood City, California, and incorporated in 2006, is a clinical-stage company that focuses on gene therapy product candidates for ocular diseases.

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Disclosure: None.