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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 1,600,000 shares, a decline of 5.9% from the October 15th total of 1,700,000 shares. Based on an average trading volume of 184,100 shares, the days-to-cover ratio is currently 8.7 days. Approximately 13.4% of the shares of the company are short sold.

Institutional Trading of Adverum Biotechnologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Avoro Capital Advisors LLC acquired a new stake in Adverum Biotechnologies during the first quarter worth $5,892,000. BML Capital Management LLC raised its holdings in Adverum Biotechnologies by 15.4% in the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after buying an additional 302,064 shares during the period. Assenagon Asset Management S.A. lifted its position in Adverum Biotechnologies by 72.3% in the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after buying an additional 259,191 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Adverum Biotechnologies by 741.8% during the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after buying an additional 196,884 shares during the period. Finally, State Street Corp increased its position in shares of Adverum Biotechnologies by 32.7% during the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after acquiring an additional 91,112 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Analyst Upgrades and Downgrades

ADVM has been the subject of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday. Royal Bank of Canada decreased their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Truist Financial dropped their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Price Performance

NASDAQ ADVM opened at $6.25 on Wednesday. The stock’s 50 day simple moving average is $7.48 and its 200-day simple moving average is $7.56. The company has a market cap of $130 million, a PE ratio of -1.04 and a beta of 1.02. Adverum Biotechnologies has a 1-year low of $6.14 and a 1-year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. On average, equities research analysts anticipate that Adverum Biotechnologies will post -4.92 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.