Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Short Interest Up 14.9% in October

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,700,000 shares, a growth of 14.9% from the September 30th total of 1,480,000 shares. Based on an average trading volume of 202,200 shares, the days-to-cover ratio is presently 8.4 days. Currently, 12.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

ADVM has been the topic of a number of recent analyst reports. Royal Bank of Canada cut their price objective on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 13th. Chardan Capital boosted their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Truist Financial decreased their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Finally, StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.17.

Adverum Biotechnologies Stock Up 1.5 %

Shares of ADVM stock opened at $7.88 on Thursday. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70. The firm has a 50 day moving average of $7.34 and a 200-day moving average of $7.85. The company has a market cap of $163.57 million, a price-to-earnings ratio of -0.77 and a beta of 1.04.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58. Analysts anticipate that Adverum Biotechnologies will post -4.64 earnings per share for the current year.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADVM. Picton Mahoney Asset Management bought a new position in Adverum Biotechnologies in the first quarter worth approximately $1,755,000. Avoro Capital Advisors LLC bought a new stake in shares of Adverum Biotechnologies during the first quarter valued at approximately $5,892,000. Assenagon Asset Management S.A. raised its position in shares of Adverum Biotechnologies by 72.3% during the second 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 period. Bank of New York Mellon Corp bought a new position in shares of Adverum Biotechnologies in the 2nd quarter worth $443,000. Finally, Rhumbline Advisers grew its position in Adverum Biotechnologies by 10,419.1% in the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 30,528 shares during the period. 48.17% of the stock is owned by 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.