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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) 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 trading hands.

Analyst Ratings Changes

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

Adverum Biotechnologies Stock Performance

The company’s fifty day moving average is $17.55 and its 200-day moving average is $12.25. The company has a market capitalization of $248.38 million, a PE ratio of -1.03 and a beta of 0.84.

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

Insider Buying and Selling at Adverum Biotechnologies

In related news, Director James Paul Scopa acquired 10,000 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was acquired at an average cost of $13.50 per share, with a total value of $135,000.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $135,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors have recently added to or reduced their stakes in ADVM. XTX Topco Ltd purchased a new stake in Adverum Biotechnologies during the 2nd quarter valued at approximately $26,000. Mirabella Financial Services LLP purchased a new position in shares of Adverum Biotechnologies in the first quarter valued at $32,000. Qube Research & Technologies Ltd purchased a new position in shares of Adverum Biotechnologies in the third quarter valued at $37,000. Jane Street Group LLC grew its holdings in shares of Adverum Biotechnologies by 400.3% in the fourth quarter. Jane Street Group LLC now owns 69,160 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 55,337 shares in the last quarter. Finally, Apexium Financial LP purchased a new position in shares of Adverum Biotechnologies in the fourth quarter valued at $45,000. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.