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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 1,600,000 shares, a decrease of 5.9% from the October 15th total of 1,700,000 shares. Currently, 13.4% of the company’s shares are sold short. Based on an average daily trading volume, of 184,100 shares, the days-to-cover ratio is currently 8.7 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. 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 for the company in a research report on Tuesday, November 5th. Truist Financial reduced their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Stock Performance

NASDAQ:ADVM opened at $6.85 on Tuesday. The stock’s 50 day moving average price is $7.49 and its 200 day moving average price is $7.58. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70. The company has a market capitalization of $142.49 million, a P/E ratio of -1.15 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing analysts’ consensus estimates 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, sell-side analysts forecast that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADVM. Avoro Capital Advisors LLC acquired a new position in Adverum Biotechnologies during the first quarter valued at approximately $5,892,000. Assenagon Asset Management S.A. grew its holdings in Adverum Biotechnologies by 72.3% during 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 last quarter. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies during the second quarter valued at approximately $443,000. Rhumbline Advisers boosted its position in shares of Adverum Biotechnologies by 10,419.1% in the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of 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 acquiring an additional 196,884 shares during the period. Institutional investors and hedge funds 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.