Adverum Biotechnologies (NASDAQ:ADVM) Shares Cross Above Fifty Day Moving Average - Here's What Happened

Key Points

• Adverum Biotechnologies shares crossed above their 50-day moving average, achieving a trading high of $4.80 before closing at $4.53.
• Analysts have provided mixed price targets for the stock, with Chardan Capital setting a high target of $33.00 and Mizuho lowering theirs to $12.00, reflecting a wide range of market sentiment.
• The company, which focuses on gene therapy for ocular diseases, reported a disappointing quarterly earnings result with an EPS of ($2.34), falling short of analysts' expectations.

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $3.07 and traded as high as $4.80. Adverum Biotechnologies shares last traded at $4.53, with a volume of 239,393 shares traded.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ADVM shares. Chardan Capital reissued a "buy" rating and set a $33.00 target price on shares of Adverum Biotechnologies in a research report on Wednesday, August 13th. HC Wainwright reissued a "buy" rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, September 23rd. Finally, Mizuho reduced their target price on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating for the company in a research report on Thursday, June 26th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.75.

Adverum Biotechnologies Trading Down 1.5%

The stock has a market capitalization of $95.04 million, a P/E ratio of -0.58 and a beta of 0.92. The stock's 50-day moving average price is $3.07 and its two-hundred day moving average price is $3.04.

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

Institutional Trading of Adverum Biotechnologies

A number of institutional investors have recently modified their holdings of the business. Bank of America Corp DE lifted its stake in shares of Adverum Biotechnologies by 16.3% during the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company's stock valued at $204,000 after buying an additional 6,094 shares in the last quarter. Millennium Management LLC lifted its stake in Adverum Biotechnologies by 46.5% in the 4th quarter. Millennium Management LLC now owns 42,847 shares of the biotechnology company's stock worth $200,000 after purchasing an additional 13,608 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Adverum Biotechnologies in the 2nd quarter worth approximately $45,000. XTX Topco Ltd purchased a new stake in Adverum Biotechnologies in the 2nd quarter worth approximately $64,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Adverum Biotechnologies in the 2nd quarter worth approximately $66,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

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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