Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Sees Significant Increase in Short Interest

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

Analyst Ratings Changes

Several equities research analysts have recently commented on ADVM shares. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Royal Bank of Canada decreased their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Finally, StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Stock Down 0.4 %

Shares of ADVM stock opened at $4.67 on Thursday. The company has a market cap of $97.15 million, a price-to-earnings ratio of -0.78 and a beta of 0.91. Adverum Biotechnologies has a 52 week low of $4.42 and a 52 week high of $29.70. The firm has a 50 day moving average of $6.32 and a 200-day moving average of $6.95.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) 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. Analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADVM. BML Capital Management LLC raised 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 valued at $15,922,000 after acquiring an additional 302,064 shares during the period. State Street Corp boosted its stake in Adverum Biotechnologies by 32.7% in the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after buying an additional 91,112 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after purchasing an additional 196,884 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Adverum Biotechnologies by 52.9% in the second 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. Finally, Renaissance Technologies LLC lifted its position in Adverum Biotechnologies by 2.4% in the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after purchasing an additional 3,169 shares during the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

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.