Adverum Biotechnologies (NASDAQ:ADVM) Stock Crosses Above 50 Day Moving Average - Here's Why

Key Points

• Adverum Biotechnologies' stock price rose above its 50-day moving average, reaching a high of $3.14, with the last traded price at $3.08.
• Wall Street analysts have mixed ratings on Adverum, with a consensus "Moderate Buy" rating and target prices ranging from $4.00 to $33.00.
• The company reported a quarterly loss of ($2.34) per share, missing analyst estimates, and is projected to have an annual EPS of -4.92.

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $2.63 and traded as high as $3.14. Adverum Biotechnologies shares last traded at $3.08, with a volume of 65,631 shares.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADVM. Mizuho dropped 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. Chardan Capital reaffirmed a "buy" rating and set a $33.00 price target on shares of Adverum Biotechnologies in a report on Wednesday, August 13th. Royal Bank Of Canada decreased their price objective on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a "sector perform" rating for the company in a report on Thursday, May 15th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Thursday, May 15th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.75.

Adverum Biotechnologies Stock Performance

The company has a market capitalization of $67.56 million, a PE ratio of -0.41 and a beta of 0.92. The company's fifty day moving average is $2.65 and its 200-day moving average is $3.14.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted 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, sell-side analysts expect that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

Institutional Trading of Adverum Biotechnologies

Several hedge funds have recently bought and sold shares of ADVM. Principia Wealth Advisory LLC raised its stake in Adverum Biotechnologies by 27.5% during the first quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company's stock valued at $7,415,000 after purchasing an additional 366,155 shares in the last quarter. BML Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 20.9% in the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company's stock worth $11,984,000 after purchasing an additional 474,253 shares during the period. Pale Fire Capital SE boosted its stake in shares of 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 purchasing an additional 53,113 shares during the period. Bank of America Corp DE raised its position in Adverum Biotechnologies by 16.3% in the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company's stock worth $204,000 after purchasing an additional 6,094 shares during the period. Finally, Barclays PLC boosted its position in shares of Adverum Biotechnologies by 11.3% during the fourth quarter. Barclays PLC now owns 39,887 shares of the biotechnology company's stock valued at $186,000 after buying an additional 4,055 shares during the period. Hedge funds and other 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.