Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Short Interest Update

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a large decline in short interest in November. As of November 30th, there was short interest totalling 1,360,000 shares, a decline of 11.1% from the November 15th total of 1,530,000 shares. Approximately 11.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 221,300 shares, the short-interest ratio is presently 6.1 days.

Adverum Biotechnologies Stock Down 6.1 %

Shares of NASDAQ ADVM opened at $5.37 on Monday. Adverum Biotechnologies has a 12 month low of $5.36 and a 12 month high of $29.70. The company has a market cap of $111.70 million, a price-to-earnings ratio of -0.90 and a beta of 0.91. The business has a fifty day simple moving average of $7.11 and a 200-day simple moving average of $7.20.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share 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. As a group, sell-side analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. grew 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 during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Adverum Biotechnologies during the 2nd quarter worth $443,000. Rhumbline Advisers grew its stake 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 buying an additional 30,528 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Adverum Biotechnologies by 741.8% during the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after acquiring an additional 196,884 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of 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 owned by institutional investors.

Analysts Set New Price Targets

ADVM has been the subject of several research analyst reports. Royal Bank of Canada cut their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Finally, StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Wednesday, December 11th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.