Adverum Biotechnologies (NASDAQ:ADVM) Shares Cross Below 200-Day Moving Average – Here’s Why

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.44 and traded as low as $4.31. Adverum Biotechnologies shares last traded at $4.32, with a volume of 82,509 shares.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADVM. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. Royal Bank of Canada cut their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Stock Down 0.5 %

The firm has a market capitalization of $89.44 million, a PE ratio of -0.72 and a beta of 0.94. The business’s fifty day moving average price is $4.86 and its 200 day moving average price is $6.40.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently bought and sold shares of ADVM. BNP Paribas Financial Markets boosted its position in shares of Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 2,649 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of Adverum Biotechnologies during the third quarter worth about $71,000. SG Americas Securities LLC purchased a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at about $74,000. MetLife Investment Management LLC boosted its holdings in Adverum Biotechnologies by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after acquiring an additional 7,089 shares during the period. Finally, Zacks Investment Management acquired a new position in shares of Adverum Biotechnologies during the third quarter worth $89,000. Institutional investors and hedge funds 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.