Adverum Biotechnologies (NASDAQ:ADVM) Stock Crosses Below 200 Day Moving Average – Time to Sell?

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred 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 trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ADVM shares. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada dropped 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 report 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Stock Down 4.4 %

The company has a market capitalization of $89.86 million, a price-to-earnings ratio of -0.72 and a beta of 0.94. The stock’s fifty day moving average price is $4.95 and its 200-day moving average price is $6.44.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. Analysts anticipate that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. BML Capital Management LLC lifted its stake in Adverum Biotechnologies by 15.4% in the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after acquiring an additional 302,064 shares during the last quarter. State Street Corp raised its stake in Adverum Biotechnologies by 32.7% in the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after buying an additional 91,112 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after buying an additional 196,884 shares during the last quarter. Grant GrossMendelsohn LLC boosted its stake in shares of Adverum Biotechnologies by 118.0% during the 4th quarter. Grant GrossMendelsohn LLC now owns 84,173 shares of the biotechnology company’s stock worth $393,000 after acquiring an additional 45,553 shares during the period. Finally, Barclays PLC boosted its position in Adverum Biotechnologies by 125.8% during the third quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock worth $252,000 after purchasing an additional 19,965 shares during the period. 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.