Adverum Biotechnologies (NASDAQ:ADVM) Share Price Crosses Above Fifty Day Moving Average of $7.31

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $7.31 and traded as high as $7.45. Adverum Biotechnologies shares last traded at $7.24, with a volume of 75,378 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ADVM shares. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. Chardan Capital raised their target price on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Oppenheimer began coverage on shares of Adverum Biotechnologies in a research report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Finally, Truist Financial reduced their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Adverum Biotechnologies has an average rating of “Moderate Buy” and a consensus price target of $28.17.

Adverum Biotechnologies Price Performance

The stock’s 50 day simple moving average is $7.31 and its two-hundred day simple moving average is $10.92. The firm has a market cap of $150.28 million, a P/E ratio of -0.71 and a beta of 1.07.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.47) by $0.58. Equities research analysts anticipate that Adverum Biotechnologies, Inc. will post -5.5 earnings per share for the current year.

Insider Activity at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard bought 85,800 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was acquired at an average cost of $7.15 per share, with a total value of $613,470.00. Following the completion of the acquisition, the insider now owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Adverum Biotechnologies

Institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its holdings in shares of Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 30,528 shares in the last quarter. Apexium Financial LP purchased a new stake in shares of Adverum Biotechnologies during the 4th quarter valued at about $45,000. Bank of New York Mellon Corp bought a new stake in shares of Adverum Biotechnologies in the second quarter worth approximately $443,000. Monaco Asset Management SAM raised its holdings in shares of Adverum Biotechnologies by 33.8% during the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Twin Focus Capital Partners LLC bought a new position in Adverum Biotechnologies during the fourth quarter valued at approximately $75,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

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.