Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Short Interest Down 11.1% in November

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) was the target of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 1,360,000 shares, a drop of 11.1% from the November 15th total of 1,530,000 shares. Based on an average daily volume of 221,300 shares, the days-to-cover ratio is currently 6.1 days. Approximately 11.1% of the company's shares are short sold.

Adverum Biotechnologies Stock Performance

Shares of ADVM traded down $0.35 during trading hours on Friday, hitting $5.37. The stock had a trading volume of 310,588 shares, compared to its average volume of 277,328. The firm has a market cap of $111.70 million, a P/E ratio of -0.90 and a beta of 0.91. The company's fifty day simple moving average is $7.11 and its 200 day simple moving average is $7.21. Adverum Biotechnologies has a 12-month low of $5.36 and a 12-month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share 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 analyst estimates of $0.50 million. As a group, sell-side analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ADVM. Royal Bank of Canada decreased their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a "sector perform" rating on the stock in a report on Tuesday, November 5th. HC Wainwright restated a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Finally, StockNews.com upgraded Adverum Biotechnologies from a "sell" rating to a "hold" rating in a report on Wednesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Adverum Biotechnologies currently has a consensus rating of "Moderate Buy" and an average price target of $27.83.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BML Capital Management LLC raised its position in Adverum Biotechnologies by 15.4% in the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company's stock valued at $15,922,000 after purchasing an additional 302,064 shares during the period. Assenagon Asset Management S.A. raised its position in Adverum Biotechnologies by 72.3% in 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 period. Marshall Wace LLP raised its position in Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company's stock valued at $1,404,000 after purchasing an additional 70,768 shares during the period. Dimensional Fund Advisors LP raised its position in Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company's stock valued at $1,533,000 after purchasing an additional 196,884 shares during the period. Finally, Squarepoint Ops LLC raised its position in Adverum Biotechnologies by 301.1% in the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company's stock valued at $748,000 after purchasing an additional 81,808 shares during the period. 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.