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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 866,200 shares, a growth of 13.2% from the May 31st total of 765,100 shares. Currently, 6.7% of the shares of the stock are sold short. Based on an average trading volume of 300,400 shares, the days-to-cover ratio is presently 2.9 days.

Adverum Biotechnologies Price Performance

ADVM stock opened at $6.86 on Monday. The business has a 50 day simple moving average of $8.33 and a 200-day simple moving average of $11.77. The firm has a market capitalization of $142.41 million, a PE ratio of -0.67 and a beta of 1.13. Adverum Biotechnologies has a 1 year low of $6.38 and a 1 year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.22). On average, equities research analysts expect that Adverum Biotechnologies will post -5.07 EPS for the current year.

Institutional Trading of Adverum Biotechnologies

Several institutional investors have recently made changes to their positions in ADVM. AIGH Capital Management LLC increased its stake in Adverum Biotechnologies by 139.6% during the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after acquiring an additional 1,848,834 shares during the last quarter. Vivo Capital LLC acquired a new position in Adverum Biotechnologies in the first quarter valued at about $21,210,000. BML Capital Management LLC increased its position in shares of Adverum Biotechnologies by 16.3% during the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock valued at $3,428,000 after acquiring an additional 639,252 shares during the last quarter. Citigroup Inc. purchased a new stake in shares of Adverum Biotechnologies in the 3rd quarter valued at approximately $715,000. Finally, Worth Venture Partners LLC lifted its holdings 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 worth $590,000 after acquiring an additional 452,678 shares during the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Mizuho reduced their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Truist Financial reiterated a “buy” rating and issued a $60.00 price objective on shares of Adverum Biotechnologies in a report on Wednesday, May 15th. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Monday, May 27th. Oppenheimer assumed coverage on Adverum Biotechnologies in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Friday, May 10th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.20.

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.