Adverum Biotechnologies (NASDAQ:ADVM) Stock Passes Below Two Hundred Day Moving Average – Time to Sell?

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) shares passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.29 and traded as low as $4.23. Adverum Biotechnologies shares last traded at $4.46, with a volume of 82,512 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Royal Bank of Canada dropped their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. Finally, StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One investment 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Stock Up 4.0 %

The firm has a 50 day simple moving average of $4.67 and a two-hundred day simple moving average of $6.26.

Institutional Trading of Adverum Biotechnologies

Several hedge funds have recently modified their holdings of the business. BML Capital Management LLC raised its holdings in shares of 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 worth $15,922,000 after acquiring an additional 302,064 shares during the last quarter. Geode Capital Management LLC grew its position in Adverum Biotechnologies by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock valued at $2,067,000 after acquiring an additional 3,434 shares during the period. State Street Corp grew its position in Adverum Biotechnologies by 32.7% during the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after acquiring an additional 91,112 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Adverum Biotechnologies by 50.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock worth $1,452,000 after purchasing an additional 104,262 shares in the last quarter. Finally, Regeneron Pharmaceuticals Inc. acquired a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $845,000. 48.17% of the stock is owned by institutional investors and hedge funds.

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.