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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 1,460,000 shares, a growth of 7.4% from the November 30th total of 1,360,000 shares. Currently, 13.0% of the company’s stock are sold short. Based on an average daily volume of 229,600 shares, the short-interest ratio is presently 6.4 days.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its position in Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Adverum Biotechnologies by 2.4% during the 2nd 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. MetLife Investment Management LLC boosted its holdings in shares of Adverum Biotechnologies by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after acquiring an additional 7,089 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of Adverum Biotechnologies in the third quarter worth $71,000. Finally, SG Americas Securities LLC purchased a new position in shares of Adverum Biotechnologies during the third quarter worth $74,000. 48.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Royal Bank of Canada decreased their price target 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. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Stock Down 2.3 %

ADVM stock opened at $4.69 on Tuesday. Adverum Biotechnologies has a 52 week low of $4.58 and a 52 week high of $29.70. The stock has a market capitalization of $97.56 million, a PE ratio of -0.78 and a beta of 0.91. The firm has a 50 day moving average of $6.46 and a 200 day moving average of $6.99.

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 firm had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. On average, equities research analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current 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.