Adverum Biotechnologies (NASDAQ:ADVM) Shares Pass Below 200 Day Moving Average of $12.09

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.09 and traded as low as $10.93. Adverum Biotechnologies shares last traded at $11.34, with a volume of 138,898 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ADVM shares. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Mizuho increased their price objective on shares of Adverum Biotechnologies from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Finally, Chardan Capital reissued a “buy” rating and set a $4.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th.

Adverum Biotechnologies Stock Performance

The company has a market cap of $235.36 million, a price-to-earnings ratio of -0.98 and a beta of 0.84. The stock’s fifty day moving average is $16.45 and its two-hundred day moving average is $12.09.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. On average, equities research analysts expect that Adverum Biotechnologies, Inc. will post -5.18 EPS for the current year.

Insider Buying and Selling

In other Adverum Biotechnologies news, Director James Paul Scopa bought 10,000 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were bought at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $135,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new stake in Adverum Biotechnologies in the 2nd quarter valued at about $26,000. Mirabella Financial Services LLP purchased a new stake in Adverum Biotechnologies in the 1st quarter valued at about $32,000. Qube Research & Technologies Ltd purchased a new stake in Adverum Biotechnologies in the 3rd quarter valued at about $37,000. Jane Street Group LLC increased its stake in Adverum Biotechnologies by 400.3% in the 4th quarter. Jane Street Group LLC now owns 69,160 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 55,337 shares during the last quarter. Finally, Apexium Financial LP purchased a new stake in Adverum Biotechnologies in the 4th quarter valued at about $45,000. Hedge funds and other institutional investors 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.