Short Interest in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Decreases By 5.9%

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,600,000 shares, a decline of 5.9% from the October 15th total of 1,700,000 shares. Approximately 13.4% of the company’s stock are short sold. Based on an average daily trading volume, of 184,100 shares, the short-interest ratio is presently 8.7 days.

Adverum Biotechnologies Stock Down 5.4 %

Shares of ADVM opened at $6.86 on Monday. The stock’s 50-day moving average price is $7.49 and its 200 day moving average price is $7.59. The firm has a market capitalization of $142.70 million, a price-to-earnings ratio of -1.15 and a beta of 1.02. Adverum Biotechnologies has a 12-month low of $6.38 and a 12-month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released 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 during the quarter, compared to analyst estimates of $0.50 million. Equities research analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current year.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of hedge funds have recently made changes to their positions in ADVM. Avoro Capital Advisors LLC acquired a new stake in shares of Adverum Biotechnologies during the 1st quarter valued at about $5,892,000. BML Capital Management LLC lifted its stake in Adverum Biotechnologies by 15.4% during the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after purchasing an additional 302,064 shares during the period. Assenagon Asset Management S.A. boosted its holdings in 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 valued at $4,239,000 after purchasing an additional 259,191 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Adverum Biotechnologies by 741.8% in 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 period. Finally, State Street Corp raised its holdings in shares of Adverum Biotechnologies by 32.7% in the 3rd 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. Institutional investors and hedge funds own 48.17% of the company’s stock.

Analysts Set New Price Targets

ADVM has been the topic of a number of analyst reports. HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Royal Bank of Canada lowered their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, 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 report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

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.