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

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ADVM. BML Capital Management LLC boosted its stake in shares of Adverum Biotechnologies by 15.4% during the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after buying an additional 302,064 shares during the period. Assenagon Asset Management S.A. boosted its position 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. Avoro Capital Advisors LLC purchased a new position in Adverum Biotechnologies in the first quarter valued at about $5,892,000. State Street Corp increased its position in 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 purchasing an additional 91,112 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after purchasing an additional 196,884 shares in the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Price Performance

ADVM stock opened at $6.86 on Monday. The firm has a market capitalization of $142.70 million, a P/E ratio of -1.15 and a beta of 1.02. Adverum Biotechnologies has a 52-week low of $6.38 and a 52-week high of $29.70. The company’s 50 day simple moving average is $7.49 and its 200-day simple moving average is $7.59.

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. Sell-side analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADVM has been the topic of several recent analyst reports. Truist Financial dropped their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. 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. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Adverum Biotechnologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

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.