Adverum Biotechnologies (NASDAQ:ADVM) Stock Price Crosses Above Fifty Day Moving Average - Time to Sell?

Key Points

• Adverum Biotechnologies' stock price recently crossed above its 50-day moving average of $2.83, reaching a high of $2.99 and closing at $2.95 with a trading volume of 77,855 shares.
• Wall Street analysts have mixed ratings for Adverum, with three analysts rating it a Buy and a consensus price target of $19.75, despite recent earnings missing estimates.
• The company has a market capitalization of $61.89 million and has seen significant institutional investment, with 48.17% of its shares owned by institutional investors and hedge funds.

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $2.83 and traded as high as $2.99. Adverum Biotechnologies shares last traded at $2.95, with a volume of 77,855 shares trading hands.

Analysts Set New Price Targets

ADVM has been the subject of several recent analyst reports. Mizuho reduced their price objective on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating for the company in a research note on Thursday, June 26th. Chardan Capital reissued a "buy" rating and issued a $33.00 price target on shares of Adverum Biotechnologies in a report on Wednesday, August 13th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $19.75.

Adverum Biotechnologies Price Performance

The company has a fifty day moving average price of $2.87 and a 200 day moving average price of $3.03. The company has a market cap of $72.59 million, a PE ratio of -0.44 and a beta of 0.92.

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 for the quarter, missing analysts' consensus estimates of ($2.24) by ($0.10). As a group, sell-side analysts predict that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. BML Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 11.5% in the 2nd quarter. BML Capital Management LLC now owns 3,057,526 shares of the biotechnology company's stock worth $6,574,000 after purchasing an additional 315,209 shares in the last quarter. Principia Wealth Advisory LLC lifted its position in Adverum Biotechnologies by 27.5% in the 1st quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company's stock worth $7,415,000 after buying an additional 366,155 shares during the last quarter. Pale Fire Capital SE boosted its stake in Adverum Biotechnologies by 16.9% in the first quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company's stock worth $1,609,000 after buying an additional 53,113 shares in the last quarter. Grant GrossMendelsohn LLC grew its position in Adverum Biotechnologies by 90.3% during the first quarter. Grant GrossMendelsohn LLC now owns 160,157 shares of the biotechnology company's stock valued at $700,000 after acquiring an additional 75,984 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Adverum Biotechnologies during the second quarter worth approximately $153,000. 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.