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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the target of a significant decline in short interest in 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. 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.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Avoro Capital Advisors LLC purchased a new stake in Adverum Biotechnologies in the first quarter valued at $5,892,000. BML Capital Management LLC increased its position in shares of Adverum Biotechnologies by 15.4% during the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after purchasing an additional 302,064 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Adverum Biotechnologies by 72.3% in the 2nd 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. Dimensional Fund Advisors LP boosted its position in shares of Adverum Biotechnologies by 741.8% in the 2nd 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, State Street Corp grew its stake in 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 buying an additional 91,112 shares during the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ADVM. Truist Financial lowered their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Royal Bank of Canada dropped their price objective 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. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Tuesday. 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies currently has an average rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

Shares of NASDAQ ADVM opened at $6.25 on Wednesday. The business has a 50-day moving average of $7.48 and a two-hundred day moving average of $7.56. The company has a market capitalization of $130 million, a price-to-earnings ratio of -1.04 and a beta of 1.02. Adverum Biotechnologies has a 1 year low of $6.14 and a 1 year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted 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 analysts’ expectations of $0.50 million. As a group, equities research analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

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.