Adverum Biotechnologies (NASDAQ:ADVM) Stock Crosses Above Fifty Day Moving Average – Should You Sell?

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) shares crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $4.03 and traded as high as $4.37. Adverum Biotechnologies shares last traded at $4.32, with a volume of 434,434 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ADVM. Chardan Capital lowered shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Truist Financial set a $5.00 target price on shares of Adverum Biotechnologies in a research note on Friday, October 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adverum Biotechnologies in a research note on Wednesday, October 8th. HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, September 23rd. Finally, Royal Bank Of Canada set a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, October 28th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.50.

Adverum Biotechnologies Stock Performance

The business’s 50-day moving average price is $4.03 and its 200-day moving average price is $3.10. The stock has a market cap of $90.65 million, a P/E ratio of -0.55 and a beta of 0.98.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Tuesday, August 12th. The biotechnology company reported ($2.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.24) by ($0.10). As a group, equities research analysts expect that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds have recently modified their holdings of ADVM. Grant GrossMendelsohn LLC boosted its holdings in Adverum Biotechnologies by 90.3% in the 1st quarter. Grant GrossMendelsohn LLC now owns 160,157 shares of the biotechnology company’s stock worth $700,000 after buying an additional 75,984 shares during the period. BML Capital Management LLC boosted its holdings in Adverum Biotechnologies by 20.9% in the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company’s stock worth $11,984,000 after buying an additional 474,253 shares during the period. Invesco Ltd. bought a new position in Adverum Biotechnologies in the 1st quarter worth $218,000. Nuveen LLC bought a new position in Adverum Biotechnologies in the 1st quarter worth $139,000. Finally, Pale Fire Capital SE boosted its holdings in Adverum Biotechnologies by 16.9% in the 1st quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company’s stock worth $1,609,000 after buying an additional 53,113 shares during the period. Institutional investors own 48.17% of the company’s stock.

About Adverum Biotechnologies

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.