Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Short Interest Down 5.9% in October

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) saw a significant decline in short interest in 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. Approximately 13.4% of the company's shares are sold short. Based on an average daily volume of 184,100 shares, the days-to-cover ratio is presently 8.7 days.

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock traded down $0.01 during midday trading on Monday, hitting $6.85. 412,596 shares of the stock were exchanged, compared to its average volume of 275,983. The company has a 50 day moving average price of $7.49 and a two-hundred day moving average price of $7.58. The firm has a market cap of $142.49 million, a P/E ratio of -1.15 and a beta of 1.02. Adverum Biotechnologies has a 1 year low of $6.38 and a 1 year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted 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 business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. As a group, analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ADVM shares. HC Wainwright reiterated a "buy" rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. StockNews.com cut shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a report on Wednesday, November 6th. Royal Bank of Canada dropped 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 report on Tuesday, November 5th. Finally, Truist Financial dropped their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Adverum Biotechnologies has an average rating of "Moderate Buy" and a consensus price target of $27.83.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets grew its position in Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 2,649 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company's stock valued at $935,000 after buying an additional 3,169 shares in the last quarter. MetLife Investment Management LLC grew its holdings in Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company's stock worth $88,000 after acquiring an additional 7,089 shares during the last quarter. Captrust Financial Advisors bought a new stake in Adverum Biotechnologies during the 3rd quarter worth about $71,000. Finally, SG Americas Securities LLC acquired a new position in Adverum Biotechnologies during the 3rd quarter valued at about $74,000. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.