Adverum Biotechnologies (NASDAQ:ADVM) Share Price Crosses Below 200-Day Moving Average – Here’s What Happened

Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s stock price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.29 and traded as low as $4.23. Adverum Biotechnologies shares last traded at $4.46, with a volume of 82,512 shares.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADVM. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Royal Bank of Canada dropped their price target on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Finally, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Stock Performance

The business’s fifty day moving average is $4.70 and its two-hundred day moving average is $6.29. The company has a market cap of $92.78 million, a P/E ratio of -0.74 and a beta of 0.94.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADVM. BNP Paribas Financial Markets lifted its holdings in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after purchasing an additional 2,659 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter valued at about $71,000. SG Americas Securities LLC bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter valued at about $74,000. Finally, American Century Companies Inc. raised its holdings in shares of Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 4,362 shares in the last quarter. Institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Company 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.