Adverum Biotechnologies (NASDAQ:ADVM) Stock Price Passes Below 200-Day Moving Average - Here's What Happened

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report)'s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.29 and traded as low as $4.23. Adverum Biotechnologies shares last traded at $4.46, with a volume of 82,512 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADVM. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. Royal Bank of Canada cut their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a "sector perform" rating on the stock in a research report on Tuesday, November 5th. Finally, StockNews.com downgraded shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Adverum Biotechnologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.83.

Adverum Biotechnologies Stock Performance

The business's 50 day moving average is $4.64 and its 200 day moving average is $6.23. The company has a market capitalization of $90.48 million, a price-to-earnings ratio of -0.73 and a beta of 0.94.

Institutional Trading of Adverum Biotechnologies

Institutional investors have recently bought and sold shares of the stock. BML Capital Management LLC boosted its stake in Adverum Biotechnologies by 15.4% in the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company's stock worth $15,922,000 after purchasing an additional 302,064 shares in the last quarter. State Street Corp lifted its stake in Adverum Biotechnologies by 32.7% during the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company's stock valued at $2,595,000 after acquiring an additional 91,112 shares during the period. Barclays PLC lifted its stake in Adverum Biotechnologies by 125.8% during the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company's stock valued at $252,000 after acquiring an additional 19,965 shares during the period. MetLife Investment Management LLC lifted its stake in Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company's stock valued at $88,000 after acquiring an additional 7,089 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 2,649 shares during the period. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.