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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the target of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 1,360,000 shares, a decrease of 11.1% from the November 15th total of 1,530,000 shares. Approximately 11.1% of the shares of the company are short sold. Based on an average daily volume of 221,300 shares, the days-to-cover ratio is currently 6.1 days.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Wednesday, December 11th. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada dropped their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $5.37 on Monday. The business’s fifty day moving average price is $7.11 and its two-hundred day moving average price is $7.20. The firm has a market capitalization of $111.70 million, a price-to-earnings ratio of -0.90 and a beta of 0.91. Adverum Biotechnologies has a 52 week low of $5.36 and a 52 week 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 the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. As a group, research analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current year.

Hedge Funds Weigh In On Adverum Biotechnologies

Several large investors have recently bought and sold shares of ADVM. BML Capital Management LLC grew its holdings in Adverum Biotechnologies by 15.4% during the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after acquiring an additional 302,064 shares during the period. Assenagon Asset Management S.A. boosted 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 purchasing an additional 259,191 shares during the last quarter. State Street Corp grew its stake 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 worth $2,595,000 after purchasing an additional 91,112 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of 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 purchasing an additional 196,884 shares during the period. Finally, Marshall Wace LLP increased its holdings in Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after purchasing an additional 70,768 shares during the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.