Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Sees Large Increase in Short Interest

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) was the target of a significant increase in short interest in the month of 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 shares of the stock are sold short. Based on an average trading volume of 229,600 shares, the days-to-cover ratio is currently 6.4 days.

Adverum Biotechnologies Trading Down 0.4 %

Shares of NASDAQ ADVM traded down $0.02 during midday trading on Tuesday, reaching $4.67. The company's stock had a trading volume of 262,903 shares, compared to its average volume of 275,562. Adverum Biotechnologies has a fifty-two week low of $4.42 and a fifty-two week high of $29.70. The stock has a 50 day simple moving average of $6.39 and a 200-day simple moving average of $6.97. The stock has a market capitalization of $97.15 million, a price-to-earnings ratio of -0.78 and a beta of 0.91.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The company had revenue of $1.00 million during the quarter, compared to analysts' expectations of $0.50 million. As a group, equities analysts anticipate that Adverum Biotechnologies will post -4.92 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADVM. HC Wainwright reiterated a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. StockNews.com cut shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Thursday, December 19th. Finally, 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. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Adverum Biotechnologies currently has an average rating of "Moderate Buy" and a consensus target price of $27.83.

Institutional Trading of Adverum Biotechnologies

Hedge funds have recently modified their holdings of the stock. Barclays PLC grew its stake in shares of Adverum Biotechnologies by 125.8% in the third quarter. Barclays PLC now owns 35,832 shares of the biotechnology company's stock valued at $252,000 after acquiring an additional 19,965 shares in the last quarter. Zacks Investment Management bought a new stake in Adverum Biotechnologies in the 3rd quarter valued at about $89,000. State Street Corp grew its position in shares of Adverum Biotechnologies by 32.7% during 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 in the last quarter. Captrust Financial Advisors bought a new position in shares of Adverum Biotechnologies during the third quarter worth approximately $71,000. Finally, MetLife Investment Management LLC increased its holdings in shares of Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company's stock worth $88,000 after purchasing an additional 7,089 shares during the period. Institutional investors and hedge funds own 48.17% of the company's stock.

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.