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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) saw a significant growth in short interest in October. As of October 15th, there was short interest totalling 1,700,000 shares, a growth of 14.9% from the September 30th total of 1,480,000 shares. Based on an average daily trading volume, of 202,200 shares, the short-interest ratio is currently 8.4 days. Currently, 12.0% of the shares of the company are short sold.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM traded down $0.16 during midday trading on Tuesday, hitting $7.76. The company had a trading volume of 167,760 shares, compared to its average volume of 282,629. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70. The stock has a market cap of $161.07 million, a price-to-earnings ratio of -0.76 and a beta of 1.04. The business's 50-day simple moving average is $7.33 and its 200-day simple moving average is $7.85.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.47) by $0.58. As a group, sell-side analysts forecast that Adverum Biotechnologies will post -4.64 EPS for the current year.

Wall Street Analyst Weigh In

ADVM has been the subject of a number of analyst reports. Truist Financial reduced their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, August 14th. HC Wainwright reiterated a "buy" rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Chardan Capital boosted their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, July 18th. Royal Bank of Canada decreased their price objective on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a "sector perform" rating on the stock in a report on Tuesday, August 13th. Finally, StockNews.com upgraded shares of Adverum Biotechnologies from a "sell" rating to a "hold" rating in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.17.

Hedge Funds Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at $74,000. Rhumbline Advisers boosted its stake in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company's stock worth $211,000 after buying an additional 30,528 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Adverum Biotechnologies during the second quarter valued at about $443,000. Squarepoint Ops LLC increased its position in shares of Adverum Biotechnologies by 301.1% during the second 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. Finally, Picton Mahoney Asset Management purchased a new stake in shares of Adverum Biotechnologies in the 1st quarter valued at approximately $1,755,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.