The Details:

Adverum will sell the shares at a price per share of $1.20, representing a premium of approximately 20% to its stock’s 30-day volume-weighted average price, and the financing is expected to close on Feb. 8.

Adverum anticipates the gross proceeds from the private placement to be approximately $127.5 million, before deducting any offering related expenses and are expected to be sufficient to fund the current operating plan into late 2025.

Also, on Feb. 8 Adverum will host a webcast to review preliminary efficacy and safety data from its ongoing LUNA Phase 2 study of ixoberogene soroparvovec for the treatment of wet age-related macular degeneration.

Adverum shares are moving on heavy trading volume following the announcement of the $127.5 million private placement. According to data from Benzinga Pro, more than 15.4 million shares have already been traded in the session, compared to the stock’s 100-day average volume of less than 492,000 shares.

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ADVM Stock Prediction 2024

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

ADVM Price Action: According to Benzinga Pro, Adverum Biotechnologies shares are up 23% at $1.75 at the time of publication.

Image: Gerd Altmann from Pixabay