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

Adverum Biotechnologies, Inc. (NASDAQ:ADVMGet Free Report) saw a large drop in short interest in 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. Approximately 11.1% of the company’s shares are short sold. Based on an average daily trading volume, of 221,300 shares, the short-interest ratio is presently 6.1 days.

Adverum Biotechnologies Stock Performance

NASDAQ ADVM opened at $5.37 on Friday. Adverum Biotechnologies has a one year low of $5.36 and a one year high of $29.70. The company has a market capitalization of $111.70 million, a price-to-earnings ratio of -0.90 and a beta of 0.91. The company’s 50-day simple moving average is $7.11 and its two-hundred day simple moving average is $7.21.

Adverum Biotechnologies (NASDAQ:ADVMGet Free Report) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. Equities analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BML Capital Management LLC boosted its position in 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 valued at $15,922,000 after purchasing an additional 302,064 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of 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 buying an additional 259,191 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after buying an additional 70,768 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 buying an additional 196,884 shares in the last quarter. Finally, Squarepoint Ops LLC grew its position in shares of Adverum Biotechnologies by 301.1% in the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after buying an additional 81,808 shares during the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADVM has been the subject of a number of research analyst reports. Royal Bank of Canada decreased 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. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Finally, StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

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Adverum Biotechnologies Company Profile

(Get Free Report)

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.

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