Adverum Biotechnologies (NASDAQ:ADVM) Stock Price Crosses Above Fifty Day Moving Average – Here’s Why

Adverum Biotechnologies, Inc. (NASDAQ:ADVM)’s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $4.28 and traded as high as $4.38. Adverum Biotechnologies shares last traded at $4.36, with a volume of 1,023,000 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ADVM shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Adverum Biotechnologies in a report on Wednesday, October 8th. Wall Street Zen cut Adverum Biotechnologies to a “strong sell” rating in a research note on Saturday, December 13th. Chardan Capital downgraded Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Mizuho set a $5.50 price objective on Adverum Biotechnologies in a report on Wednesday, October 29th. Finally, HC Wainwright reissued a “neutral” rating and set a $5.00 target price (down from $30.00) on shares of Adverum Biotechnologies in a research note on Monday, November 17th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Adverum Biotechnologies currently has a consensus rating of “Hold” and a consensus price target of $10.50.

Adverum Biotechnologies Price Performance

The business’s 50-day moving average is $4.28 and its two-hundred day moving average is $3.59. The firm has a market cap of $96.26 million, a P/E ratio of -0.51 and a beta of 0.87.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Wednesday, November 12th. The biotechnology company reported ($2.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.23). Equities research analysts predict that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, CEO Laurent Fischer acquired 117,614 shares of the stock in a transaction on Monday, December 8th. The shares were purchased at an average price of $4.31 per share, for a total transaction of $506,916.34. Following the transaction, the chief executive officer directly owned 201,513 shares of the company’s stock, valued at approximately $868,521.03. This represents a 140.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Peter Soparkar bought 50,000 shares of Adverum Biotechnologies stock in a transaction dated Friday, December 5th. The stock was acquired at an average cost of $4.22 per share, with a total value of $211,000.00. Following the transaction, the chief operating officer owned 80,189 shares of the company’s stock, valued at $338,397.58. This trade represents a 165.62% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have bought 178,699 shares of company stock valued at $764,917 and have sold 1,099,446 shares valued at $4,605,740. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently made changes to their positions in ADVM. Invesco Ltd. bought a new position in Adverum Biotechnologies during the 1st quarter worth $218,000. Nuveen LLC acquired a new position in Adverum Biotechnologies in the first quarter valued at about $139,000. AQR Capital Management LLC bought a new stake in Adverum Biotechnologies during the first quarter worth about $148,000. Y Intercept Hong Kong Ltd bought a new stake in Adverum Biotechnologies during the second quarter worth about $45,000. Finally, BML Capital Management LLC grew its stake in Adverum Biotechnologies by 11.5% during the second quarter. BML Capital Management LLC now owns 3,057,526 shares of the biotechnology company’s stock worth $6,574,000 after buying an additional 315,209 shares in the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

About Adverum Biotechnologies

Adverum Biotechnologies is a clinical-stage gene therapy company focused on the discovery, development and delivery of novel treatments for ocular and rare diseases. Utilizing adeno-associated virus (AAV)–based vectors, the company seeks to deliver long-lasting, one-time therapies designed to address underlying genetic causes of vision loss and other conditions. Its proprietary platform combines engineering of AAV capsids for targeted tissue tropism with optimized expression cassettes, aiming to improve safety and durability over current standards of care.

The company’s lead programs target retinal disorders, including wet age-related macular degeneration (wet AMD) and diabetic retinopathy, through intravitreal administration of AAV vectors expressing therapeutic proteins.