Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Rating) crossed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $1.22 and traded as low as $0.97. Adverum Biotechnologies shares last traded at $1.00, with a volume of 552,274 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADVM shares. Truist Financial raised shares of Adverum Biotechnologies from a "hold" rating to a "buy" rating and increased their price target for the company from $3.00 to $4.00 in a research note on Thursday, July 7th. StockNews.com cut shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research note on Wednesday, August 3rd. Finally, Chardan Capital dropped their price target on shares of Adverum Biotechnologies from $3.00 to $2.50 and set a "neutral" rating for the company in a research note on Friday, August 12th.

Adverum Biotechnologies Stock Performance

The firm's 50 day moving average price is $1.22 and its two-hundred day moving average price is $1.19. The firm has a market cap of $98.77 million, a PE ratio of -0.64 and a beta of 1.17.

Insider Transactions at Adverum Biotechnologies

In other news, CEO Laurent Fischer sold 41,082 shares of the company's stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $1.07, for a total value of $43,957.74. Following the transaction, the chief executive officer now directly owns 727,380 shares in the company, valued at approximately $778,296.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.30% of the company's stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Large investors have recently made changes to their positions in the stock. Mirabella Financial Services LLP acquired a new position in shares of Adverum Biotechnologies in the 1st quarter worth approximately $32,000. BNP Paribas Arbitrage SA lifted its holdings in Adverum Biotechnologies by 426.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 40,967 shares of the biotechnology company's stock worth $49,000 after buying an additional 33,190 shares in the last quarter. Marquette Asset Management LLC lifted its holdings in Adverum Biotechnologies by 21.8% during the 1st quarter. Marquette Asset Management LLC now owns 65,754 shares of the biotechnology company's stock worth $86,000 after buying an additional 11,754 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in Adverum Biotechnologies by 55.9% during the 2nd quarter. Rafferty Asset Management LLC now owns 69,954 shares of the biotechnology company's stock worth $84,000 after buying an additional 25,076 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Adverum Biotechnologies by 996.9% during the 1st quarter. Invesco Ltd. now owns 286,314 shares of the biotechnology company's stock worth $375,000 after buying an additional 260,211 shares in the last quarter. 64.26% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Company Profile

(Get Rating)

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, develops gene therapy product candidates to treat ocular and rare diseases. Its lead product candidate is ADVM-022, a single intravitreal injection gene therapy candidate used for the treatment of patients with chronic retinal, including wet age-related macular degeneration and diabetic macular edema.

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