Why Adverum Biotechnologies, Inc. (ADVM) Stock Dove Today

Stay Ahead of Wall Street. Find out what is happening to Adverum Biotechnologies, Inc. (NASDAQ:ADVM) stock today? Its price is nose-diving -0.38 points, trading at $6.36 levels, and is down -5.64% from its previous close of $6.74. The shares seem to have an active trading volume day with a reported 263297 contracts so far this session. ADVM shares had a relatively better volume day versus average trading capacity of 462.44 thousand shares, but with a 56.11 million float and a 4.98% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for ADVM stock indicates that the average analyst price target is $4.88 per share. This means the stock has a potential decrease of -23.27% from where the ADVM share price has been trading recently which is between $6.58 and $6.9. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $3.

The shorts are running away from Adverum Biotechnologies, Inc. (ADVM) stock. The latest set of short interest data was released on 15 April 2019, and the numbers show a drop in short interest in ADVM shares. While short interest still represents only 4.09% of ADVM’s float, the number of shares shorted have fallen by -943365. The number of shares shorted fell to 2293893 shares, down from 3237258 shares during the preceding fortnight. With average daily trading volumes at 382331 shares, days to cover increased to about 5.697502 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Adverum Biotechnologies Presents First Preclinical Data on Dosing Contralateral Eye with ADVM-022 Gene Therapy for Wet AMD at the ARVO 2019 Annual Meeting” and dated April 30, 2019.

Looking at the current readings for Adverum Biotechnologies, Inc., the two-week RSI stands at 59.94. This figure suggests that ADVM stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current ADVM readings is similarly very revealing as it has a stochastic reading of 90.71% at this stage. This figure means that ADVM share price today is being oversold.

Technical chart claims that Adverum Biotechnologies, Inc. (ADVM) would settle between $6.9/share to $7.06/share level. However, if the stock price goes below the $6.58 mark, then the market for Adverum Biotechnologies, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $6.42 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.2. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at SunTrust lowered their recommendation on shares of ADVM from Buy to Hold in their opinion released on November 02. Raymond James analysts have lowered their rating of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) stock from Outperform to Mkt Perform in a separate flash note issued to investors on November 02. Analysts at Cantor Fitzgerald, made their first call for the equity with a Overweight recommendation, according to a research note that dated back to September 21.

ADVM equity has an average rating of 2.67, with the figure leaning towards a bullish end. 6 analysts who tracked the company were contacted by Reuters. Amongst them, 4 rated the stock as a hold while the remaining 2 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 2 analysts rated Adverum Biotechnologies, Inc. (NASDAQ:ADVM) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, ADVM stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 84.99 while for the average stock in the same group, the multiple is 49.51.

Adverum Biotechnologies, Inc. (ADVM)’s current-quarter revenues are projected to climb by nearly 20.91% to hit $0.27 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -25.56% from $1.61 million to a noteworthy $1.2 million. At the other end of the current quarter income statement, Adverum Biotechnologies, Inc. is expected to see its adjusted earnings surge by roughly 6.67% to hit $-0.28 per share. For the fiscal year, ADVM’s earnings are projected to climb by roughly 4.24% to hit $-1.13 per share.