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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) 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 traded.

Analysts Set New Price Targets

Several research analysts recently commented on ADVM shares. Royal Bank of Canada reduced their price objective 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. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note 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 note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Trading Up 4.0 %

The company has a market cap of $92.78 million, a PE ratio of -0.74 and a beta of 0.94. The firm’s 50-day simple moving average is $4.70 and its two-hundred day simple moving average is $6.29.

Institutional Trading of Adverum Biotechnologies

Several large investors have recently bought and sold shares of the stock. BML Capital Management LLC grew its position in Adverum Biotechnologies by 15.4% during the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after purchasing an additional 302,064 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock valued at $2,067,000 after acquiring an additional 3,434 shares during the last quarter. State Street Corp boosted its holdings in shares of Adverum Biotechnologies by 32.7% in the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after acquiring an additional 91,112 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Adverum Biotechnologies by 50.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock valued at $1,452,000 after acquiring an additional 104,262 shares during the last quarter. Finally, Regeneron Pharmaceuticals Inc. purchased a new stake in shares of Adverum Biotechnologies in the 4th quarter valued at $845,000. Hedge funds and other 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.