Adverum Biotechnologies (NASDAQ:ADVM) Stock Passes Below 200-Day Moving Average of $9.52

Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s stock price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.52 and traded as low as $7.14. Adverum Biotechnologies shares last traded at $7.30, with a volume of 180,075 shares traded.

Analysts Set New Price Targets

ADVM has been the topic of several research reports. Royal Bank of Canada dropped their price target on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 13th. Oppenheimer initiated coverage on shares of Adverum Biotechnologies in a research report on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 target price on the stock. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Chardan Capital upped their price objective on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Truist Financial lowered their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.17.

Adverum Biotechnologies Trading Up 1.2 %

The company has a market capitalization of $151.53 million, a PE ratio of -0.72 and a beta of 1.03. The business’s fifty day moving average is $7.32 and its two-hundred day moving average is $9.52.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $0.58. As a group, equities research analysts anticipate that Adverum Biotechnologies, Inc. will post -4.64 EPS for the current year.

Insider Buying and Selling at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard acquired 135,546 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were bought at an average price of $7.75 per share, for a total transaction of $1,050,481.50. Following the completion of the transaction, the insider now directly owns 2,101,546 shares in the company, valued at $16,286,981.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ADVM. Squarepoint Ops LLC grew its stake in shares of Adverum Biotechnologies by 301.1% during the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after purchasing an additional 81,808 shares during the period. Marshall Wace LLP increased its holdings in Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after buying an additional 70,768 shares during the last quarter. Renaissance Technologies LLC raised its position in Adverum Biotechnologies by 2.4% in the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after acquiring an additional 3,169 shares during the period. Dimensional Fund Advisors LP raised its position in Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after acquiring an additional 196,884 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 30,528 shares during the last quarter. 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.