Adverum Biotechnologies (NASDAQ:ADVM) Shares Cross Below Two Hundred Day Moving Average - Here's What Happened

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.44 and traded as low as $4.31. Adverum Biotechnologies shares last traded at $4.32, with a volume of 82,509 shares changing hands.

Analysts Set New Price Targets

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

Adverum Biotechnologies Trading Down 4.4 %

The firm has a market capitalization of $89.86 million, a price-to-earnings ratio of -0.72 and a beta of 0.94. The firm has a fifty day moving average price of $4.95 and a 200 day moving average price of $6.44.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing analysts' consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to analysts' expectations of $0.50 million. As a group, equities analysts predict that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Adverum Biotechnologies

Several large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its position 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 purchasing an additional 2,649 shares during the period. Captrust Financial Advisors acquired a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at $71,000. SG Americas Securities LLC bought a new position in Adverum Biotechnologies during the third quarter worth about $74,000. MetLife Investment Management LLC grew its position in shares of Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company's stock worth $88,000 after buying an additional 7,089 shares during the period. Finally, Zacks Investment Management bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter valued at about $89,000. 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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