Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Short Interest Update

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the target of a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 1,500,000 shares, an increase of 19.0% from the July 31st total of 1,260,000 shares. Based on an average trading volume of 329,000 shares, the short-interest ratio is currently 4.6 days. Currently, 10.7% of the company’s stock are short sold.

Adverum Biotechnologies Price Performance

Shares of ADVM stock opened at $6.94 on Friday. The stock has a market cap of $144.05 million, a P/E ratio of -0.68 and a beta of 1.07. The stock has a fifty day moving average price of $7.33 and a 200 day moving average price of $10.77. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58. Equities research analysts anticipate that Adverum Biotechnologies will post -5.5 EPS for the current year.

Insider Activity

In related news, major shareholder Braden Michael Leonard bought 85,800 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was purchased at an average price of $7.15 per share, with a total value of $613,470.00. Following the completion of the transaction, the insider now directly owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Monaco Asset Management SAM grew its stake in Adverum Biotechnologies by 33.8% during the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after buying an additional 20,000 shares during the last quarter. Apexium Financial LP bought a new stake in Adverum Biotechnologies during the 4th quarter worth approximately $45,000. Worth Venture Partners LLC increased its holdings in Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after purchasing an additional 452,678 shares in the last quarter. AIGH Capital Management LLC raised its position in Adverum Biotechnologies by 139.6% in the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock valued at $2,388,000 after purchasing an additional 1,848,834 shares during the last quarter. Finally, Twin Focus Capital Partners LLC bought a new position in Adverum Biotechnologies in the 4th quarter valued at $75,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ADVM shares. Truist Financial cut their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Oppenheimer began coverage on Adverum Biotechnologies in a report on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 target price on the stock. Chardan Capital upped their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Royal Bank of Canada lowered their price objective on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.17.

Adverum Biotechnologies Company Profile

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.