Adverum Biotechnologies (NASDAQ:ADVM) Share Price Crosses Below Fifty Day Moving Average of $1.00

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVMGet Rating) crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $1.00 and traded as low as $1.00. Adverum Biotechnologies shares last traded at $1.06, with a volume of 1,151,970 shares.

A number of analysts have recently commented on the company. Chardan Capital restated a “neutral” rating on shares of Adverum Biotechnologies in a report on Monday, April 11th. StockNews.com began coverage on Adverum Biotechnologies in a report on Thursday, March 31st. They issued a “sell” rating for the company. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.50.

The firm has a 50 day moving average price of $1.00 and a two-hundred day moving average price of $1.34. The company has a market capitalization of $104.70 million, a price-to-earnings ratio of -0.68 and a beta of 1.31.

Adverum Biotechnologies (NASDAQ:ADVMGet Rating) last issued its quarterly earnings results on Thursday, May 12th. The biotechnology company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.04). On average, sell-side analysts anticipate that Adverum Biotechnologies, Inc. will post -1.57 EPS for the current year.

In other Adverum Biotechnologies news, Director Dawn Svoronos purchased 30,000 shares of the business’s stock in a transaction dated Monday, May 16th. The shares were bought at an average price of $0.85 per share, with a total value of $25,500.00. Following the completion of the acquisition, the director now owns 50,000 shares in the company, valued at approximately $42,500. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Laurent Fischer purchased 25,000 shares of the business’s stock in a transaction dated Wednesday, April 20th. The shares were acquired at an average cost of $1.11 per share, for a total transaction of $27,750.00. Following the acquisition, the chief executive officer now owns 762,462 shares of the company’s stock, valued at approximately $846,332.82. The disclosure for this purchase can be found here. Insiders have bought 116,925 shares of company stock worth $111,945 in the last ninety days. Corporate insiders own 12.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ADVM. Mirabella Financial Services LLP acquired a new position in Adverum Biotechnologies in the first quarter worth approximately $32,000. Squarepoint Ops LLC grew its position in Adverum Biotechnologies by 26.2% in the third quarter. Squarepoint Ops LLC now owns 33,825 shares of the biotechnology company’s stock worth $73,000 after buying an additional 7,018 shares during the last quarter. Rafferty Asset Management LLC grew its position in Adverum Biotechnologies by 47.9% in the fourth quarter. Rafferty Asset Management LLC now owns 49,107 shares of the biotechnology company’s stock worth $86,000 after buying an additional 15,908 shares during the last quarter. Marquette Asset Management LLC boosted its stake in Adverum Biotechnologies by 18.4% in the 4th quarter. Marquette Asset Management LLC now owns 54,000 shares of the biotechnology company’s stock worth $95,000 after purchasing an additional 8,397 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in Adverum Biotechnologies by 26.2% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 173,979 shares of the biotechnology company’s stock worth $378,000 after purchasing an additional 36,112 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

About Adverum Biotechnologies (NASDAQ:ADVM)

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.

Read More

Want More Great Investing Ideas?

Receive News & Ratings for Adverum Biotechnologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adverum Biotechnologies and related companies with MarketBeat.com's FREE daily email newsletter.