Adverum Biotechnologies (NASDAQ:ADVM) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s stock price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $3.84 and traded as high as $4.61. Adverum Biotechnologies shares last traded at $4.07, with a volume of 13,569,184 shares traded.

Analyst Ratings Changes

A number of brokerages have commented on ADVM. HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, September 23rd. Royal Bank Of Canada raised shares of Adverum Biotechnologies to a “hold” rating in a research note on Thursday, October 9th. Truist Financial set a $5.00 target price on shares of Adverum Biotechnologies in a research note on Friday. Chardan Capital reaffirmed a “buy” rating and issued a $33.00 target price on shares of Adverum Biotechnologies in a research note on Wednesday, August 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adverum Biotechnologies in a research note on Friday. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.80.

Adverum Biotechnologies Trading Down 2.6%

The firm’s 50 day moving average price is $3.84 and its 200-day moving average price is $3.06. The company has a market cap of $85.39 million, a P/E ratio of -0.52 and a beta of 0.98.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Tuesday, August 12th. The biotechnology company reported ($2.34) earnings per share for the quarter, missing the consensus estimate of ($2.24) by ($0.10). Analysts predict that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $45,000. XTX Topco Ltd bought a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $64,000. Qube Research & Technologies Ltd bought a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $66,000. Nuveen LLC bought a new position in Adverum Biotechnologies during the 1st quarter worth approximately $139,000. Finally, AQR Capital Management LLC bought a new position in Adverum Biotechnologies during the 1st quarter worth approximately $148,000. 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.