Adverum Biotechnologies (NASDAQ:ADVM) Stock Price Passes Below Two Hundred Day Moving Average – What’s Next?

Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s share price crossed 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 traded.

Analysts Set New Price Targets

Several analysts have issued reports on ADVM shares. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Royal Bank of Canada cut 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. Finally, StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

The stock has a 50-day moving average of $4.86 and a 200-day moving average of $6.40. The firm has a market cap of $89.44 million, a price-to-earnings ratio of -0.72 and a beta of 0.94.

Institutional Investors Weigh In On Adverum Biotechnologies

Large investors have recently modified their holdings of the company. Regeneron Pharmaceuticals Inc. acquired a new position in Adverum Biotechnologies during the 4th quarter worth approximately $845,000. Grant GrossMendelsohn LLC raised its position in Adverum Biotechnologies by 118.0% in the 4th quarter. Grant GrossMendelsohn LLC now owns 84,173 shares of the biotechnology company’s stock valued at $393,000 after buying an additional 45,553 shares during the last quarter. Barclays PLC lifted its stake in Adverum Biotechnologies by 125.8% during the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock valued at $252,000 after acquiring an additional 19,965 shares in the last quarter. Zacks Investment Management bought a new stake in Adverum Biotechnologies in the 3rd quarter worth about $89,000. Finally, State Street Corp increased its stake in 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 buying an additional 91,112 shares during the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.