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

Key Points

• Adverum Biotechnologies' share price recently surpassed its 50-day moving average of $3.84, trading as high as $4.61 before closing at $4.07 with a volume of over 13 million shares.
• Analysts have mixed opinions on the stock, with a consensus rating of "Hold" and a target price of $16.80; notable price objectives include $5.00 from Truist Financial and $30.00 from HC Wainwright.
• The company reported a net loss of ($2.34) earnings per share for the last quarter, falling short of analysts' expectations of ($2.24).

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report)'s share price passed 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 changing hands.

Wall Street Analysts Forecast Growth

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

Adverum Biotechnologies Stock Performance

The firm has a market cap of $85.39 million, a price-to-earnings ratio of -0.52 and a beta of 0.98. The business's 50-day moving average is $3.84 and its 200-day moving average is $3.06.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its earnings results on Tuesday, August 12th. The biotechnology company reported ($2.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.24) by ($0.10). Equities research analysts expect that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds have recently made changes to their positions in ADVM. Grant GrossMendelsohn LLC increased its position in shares of Adverum Biotechnologies by 90.3% during the 1st quarter. Grant GrossMendelsohn LLC now owns 160,157 shares of the biotechnology company's stock worth $700,000 after purchasing an additional 75,984 shares in the last quarter. BML Capital Management LLC grew its holdings in Adverum Biotechnologies by 20.9% during the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company's stock worth $11,984,000 after acquiring an additional 474,253 shares during the last quarter. Invesco Ltd. bought a new stake in Adverum Biotechnologies during the 1st quarter worth about $218,000. Nuveen LLC bought a new stake in Adverum Biotechnologies during the 1st quarter worth about $139,000. Finally, Pale Fire Capital SE grew its holdings in Adverum Biotechnologies by 16.9% during the 1st quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company's stock worth $1,609,000 after acquiring an additional 53,113 shares during the last quarter. Institutional investors and hedge funds 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.

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