Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Sees Large Growth in Short Interest

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 866,200 shares, an increase of 13.2% from the May 31st total of 765,100 shares. Based on an average daily trading volume, of 300,400 shares, the days-to-cover ratio is currently 2.9 days. Approximately 6.7% of the company’s stock are short sold.

Wall Street Analyst Weigh In

ADVM has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Monday, May 27th. Mizuho reduced their price target on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Oppenheimer assumed coverage on Adverum Biotechnologies in a report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Friday, May 10th. Finally, Truist Financial restated a “buy” rating and set a $60.00 price objective on shares of Adverum Biotechnologies in a research note on Wednesday, May 15th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.20.

Institutional Trading of Adverum Biotechnologies

A number of large investors have recently modified their holdings of ADVM. Citigroup Inc. bought a new position in Adverum Biotechnologies in the 3rd quarter worth about $715,000. Avoro Capital Advisors LLC bought a new position in Adverum Biotechnologies in the 1st quarter worth approximately $5,892,000. Picton Mahoney Asset Management acquired a new stake in Adverum Biotechnologies in the 1st quarter valued at approximately $1,755,000. Twin Focus Capital Partners LLC bought a new stake in Adverum Biotechnologies during the 4th quarter valued at $75,000. Finally, AIGH Capital Management LLC boosted its position in Adverum Biotechnologies by 139.6% during the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after acquiring an additional 1,848,834 shares during the period. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Down 1.7 %

Shares of ADVM stock opened at $6.86 on Monday. The business has a 50 day moving average of $8.33 and a two-hundred day moving average of $11.77. The company has a market cap of $142.41 million, a P/E ratio of -0.67 and a beta of 1.13. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.22). Analysts expect that Adverum Biotechnologies will post -5.07 EPS for the current fiscal year.

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.