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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the recipient of 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. Based on an average daily volume of 184,100 shares, the short-interest ratio is presently 8.7 days. Approximately 13.4% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research firms have weighed in on ADVM. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Royal Bank of Canada lowered their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Truist Financial lowered their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Stock Down 0.1 %

Shares of ADVM opened at $6.85 on Tuesday. The firm has a 50-day moving average price of $7.49 and a 200 day moving average price of $7.58. The firm has a market capitalization of $142.49 million, a PE 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.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results 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 company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. On average, equities analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current year.

Hedge Funds Weigh In On Adverum Biotechnologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. BML Capital Management LLC lifted its holdings in Adverum Biotechnologies by 15.4% in 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 acquiring an additional 302,064 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after acquiring an additional 259,191 shares during the last quarter. Marshall Wace LLP lifted its holdings in Adverum Biotechnologies by 52.9% in the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after acquiring an additional 70,768 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in 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 acquiring an additional 196,884 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in Adverum Biotechnologies by 301.1% in the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after acquiring an additional 81,808 shares during the last quarter. Institutional investors own 48.17% of the company’s stock.

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.