Short Interest in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Drops By 9.2%

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 1,480,000 shares, a decrease of 9.2% from the September 15th total of 1,630,000 shares. Approximately 10.5% of the shares of the stock are sold short. Based on an average daily volume of 279,100 shares, the short-interest ratio is presently 5.3 days.

Wall Street Analysts Forecast Growth

ADVM has been the subject of several research reports. Oppenheimer initiated coverage on Adverum Biotechnologies in a research report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 price objective for the company. Chardan Capital boosted 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 decreased their price objective on 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. Truist Financial dropped their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and a consensus target price of $28.17.

Adverum Biotechnologies Stock Down 0.5 %

ADVM stock opened at $7.69 on Wednesday. The stock has a market capitalization of $159.62 million, a price-to-earnings ratio of -0.75 and a beta of 1.04. Adverum Biotechnologies has a 52-week low of $6.38 and a 52-week high of $29.70. The stock’s fifty day simple moving average is $7.05 and its 200-day simple moving average is $8.17.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58. As a group, analysts anticipate that Adverum Biotechnologies will post -4.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard purchased 85,800 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was acquired at an average price of $7.15 per share, with a total value of $613,470.00. Following the purchase, the insider now directly owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds have recently modified their holdings of the stock. Picton Mahoney Asset Management purchased a new position in Adverum Biotechnologies during the first quarter worth approximately $1,755,000. Avoro Capital Advisors LLC acquired a new stake in shares of Adverum Biotechnologies during the 1st quarter worth $5,892,000. Assenagon Asset Management S.A. raised its position in shares of Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after buying an additional 259,191 shares during the period. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies in the second quarter valued at $443,000. Finally, Rhumbline Advisers grew its position in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares during the period. 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.