Adverum Biotechnologies (NASDAQ:ADVM) Stock Passes Below Two Hundred Day Moving Average – Time to Sell?

Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s stock price crossed 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 trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADVM. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada dropped their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Stock Up 4.0 %

The firm has a fifty day moving average price of $4.67 and a 200 day moving average price of $6.26.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets raised its position in Adverum Biotechnologies by 177.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 2,649 shares during the last quarter. Wells Fargo & Company MN raised its position in Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after purchasing an additional 2,659 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Adverum Biotechnologies by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock valued at $2,067,000 after acquiring an additional 3,434 shares during the last quarter. Barclays PLC raised its position in shares of Adverum Biotechnologies by 11.3% during the 4th quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock valued at $186,000 after acquiring an additional 4,055 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 4,362 shares during the last quarter. 48.17% of the stock is owned by institutional investors and hedge funds.

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.