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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 1,700,000 shares, an increase of 14.9% from the September 30th total of 1,480,000 shares. Based on an average trading volume of 202,200 shares, the short-interest ratio is currently 8.4 days. Approximately 12.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

ADVM has been the subject of several recent research reports. Chardan Capital increased their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Truist Financial lowered their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Royal Bank of Canada cut 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 report on Tuesday, August 13th. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.17.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 3,169 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at about $74,000. Rhumbline Advisers increased its stake in Adverum Biotechnologies by 10,419.1% in 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. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies in the second quarter worth about $443,000. Finally, Marshall Wace LLP lifted its position in shares of Adverum Biotechnologies by 52.9% during the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after buying an additional 70,768 shares during the period. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Performance

ADVM opened at $7.92 on Tuesday. The firm has a market cap of $164.40 million, a P/E ratio of -0.78 and a beta of 1.04. The business has a 50 day moving average price of $7.30 and a 200 day moving average price of $7.90. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, beating 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.

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.