Adverum Biotechnologies (NASDAQ:ADVM) Shares Cross Below Two Hundred Day Moving Average of $12.25

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) shares crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $12.25 and traded as low as $11.46. Adverum Biotechnologies shares last traded at $11.97, with a volume of 280,180 shares traded.

Analyst Ratings Changes

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

Adverum Biotechnologies Stock Performance

The firm’s fifty day simple moving average is $17.55 and its 200 day simple moving average is $12.25. The stock has a market capitalization of $248.38 million, a P/E ratio of -1.03 and a beta of 0.84.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly 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. Analysts anticipate that Adverum Biotechnologies, Inc. will post -5.18 earnings per share for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

In other news, Director James Paul Scopa purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was bought at an average price of $13.50 per share, with a total value of $135,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $135,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Adverum Biotechnologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its position in Adverum Biotechnologies by 55,529.7% during the 4th quarter. Bank of America Corp DE now owns 5,591,896 shares of the biotechnology company’s stock worth $3,238,000 after purchasing an additional 5,581,844 shares in the last quarter. BML Capital Management LLC increased its position in Adverum Biotechnologies by 16.3% during the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after purchasing an additional 639,252 shares in the last quarter. Sonic GP LLC acquired a new position in Adverum Biotechnologies during the 4th quarter worth approximately $2,638,000. Vanguard Group Inc. increased its position in Adverum Biotechnologies by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 4,189,034 shares of the biotechnology company’s stock worth $6,284,000 after purchasing an additional 127,000 shares in the last quarter. Finally, AIGH Capital Management LLC increased its position in Adverum Biotechnologies by 139.6% during the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after purchasing an additional 1,848,834 shares in the last quarter. 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.