Short Interest in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Increases By 7.4%

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the recipient of a large increase in short interest in December. As of December 15th, there was short interest totalling 1,460,000 shares, an increase of 7.4% from the November 30th total of 1,360,000 shares. Currently, 13.0% of the company’s shares are sold short. Based on an average daily volume of 229,600 shares, the days-to-cover ratio is currently 6.4 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ADVM. BNP Paribas Financial Markets increased its holdings in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 2,649 shares during the last quarter. Renaissance Technologies LLC increased its stake 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 worth $935,000 after buying an additional 3,169 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after buying an additional 7,089 shares during the last quarter. Captrust Financial Advisors acquired a new stake in Adverum Biotechnologies in the third quarter valued at $71,000. Finally, SG Americas Securities LLC bought a new position in Adverum Biotechnologies during the 3rd quarter valued at $74,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Down 0.4 %

ADVM opened at $4.67 on Wednesday. The firm has a market capitalization of $97.15 million, a P/E ratio of -0.78 and a beta of 0.91. The firm’s 50 day moving average is $6.39 and its 200-day moving average is $6.97. Adverum Biotechnologies has a 52-week low of $4.42 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. Equities analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Royal Bank of Canada reduced their price target on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Finally, StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. One equities research 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.