Adverum Biotechnologies (NASDAQ:ADVM) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s stock price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $6.05 and traded as low as $4.15. Adverum Biotechnologies shares last traded at $4.16, with a volume of 267,771 shares traded.

Analysts Set New Price Targets

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

Adverum Biotechnologies Stock Performance

The firm has a fifty day simple moving average of $4.43 and a 200 day simple moving average of $6.05. The company has a market capitalization of $86.54 million, a PE ratio of -0.69 and a beta of 0.94.

Institutional Trading of Adverum Biotechnologies

A number of institutional investors have recently made changes to their positions in ADVM. BNP Paribas Financial Markets lifted its holdings in shares of Adverum Biotechnologies by 177.0% in 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 during the period. Wells Fargo & Company MN boosted its holdings in shares of Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after purchasing an additional 2,659 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of Adverum Biotechnologies during the 3rd quarter worth approximately $71,000. American Century Companies Inc. boosted its holdings in shares of Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 4,362 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 7,089 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

About Adverum Biotechnologies

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.