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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) 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) 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

Hedge funds and other institutional investors have recently bought and sold shares of the company. Apexium Financial LP purchased a new position in Adverum Biotechnologies during the 4th quarter valued at about $45,000. Monaco Asset Management SAM boosted its holdings in Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after acquiring an additional 20,000 shares during the period. Twin Focus Capital Partners LLC purchased a new position in Adverum Biotechnologies during the 4th quarter valued at about $75,000. Worth Venture Partners LLC boosted its stake in shares of Adverum Biotechnologies by 136.5% in the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after buying an additional 452,678 shares during the period. Finally, Citigroup Inc. purchased a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at about $715,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

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.

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.