Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Free Report) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 866,200 shares, an increase of 13.2% from the May 31st total of 765,100 shares. Currently, 6.7% of the shares of the company are sold short. Based on an average daily volume of 300,400 shares, the short-interest ratio is presently 2.9 days.
Adverum Biotechnologies Trading Up 1.6 %
Shares of NASDAQ:ADVM opened at $6.97 on Tuesday. The business has a 50-day moving average price of $8.24 and a 200 day moving average price of $11.77. The company has a market capitalization of $144.70 million, a price-to-earnings ratio of -0.68 and a beta of 1.07. Adverum Biotechnologies has a 12-month low of $6.38 and a 12-month high of $29.70.
Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last announced its earnings results on Thursday, May 9th. The biotechnology company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.22). As a group, equities research analysts predict that Adverum Biotechnologies will post -5.07 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Adverum Biotechnologies
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on ADVM shares. Truist Financial reiterated a “buy” rating and set a $60.00 target price on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Friday, May 10th. Mizuho decreased their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Monday, May 27th. Finally, Oppenheimer started coverage on Adverum Biotechnologies in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.20.
Read Our Latest Research Report on ADVM
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.
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