Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Short Interest Update

Adverum Biotechnologies, Inc. (NASDAQ:ADVMGet Rating) saw a significant decrease in short interest in the month of December. As of December 30th, there was short interest totalling 1,950,000 shares, a decrease of 8.9% from the December 15th total of 2,140,000 shares. Based on an average daily volume of 554,600 shares, the days-to-cover ratio is currently 3.5 days. Approximately 2.1% of the shares of the company are sold short.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Royal Bank of Canada decreased their target price on shares of Adverum Biotechnologies from $5.00 to $3.00 and set a “sector perform” rating on the stock in a report on Friday, November 11th. StockNews.com began coverage on shares of Adverum Biotechnologies in a research note on Wednesday, October 12th. They issued a “sell” rating on the stock. Finally, Chardan Capital reduced their price target on shares of Adverum Biotechnologies from $2.50 to $2.00 and set a “neutral” rating on the stock in a research note on Friday, November 11th.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors have recently added to or reduced their stakes in the business. Mirabella Financial Services LLP purchased a new stake in Adverum Biotechnologies in the first quarter worth approximately $32,000. Marquette Asset Management LLC boosted its stake in shares of Adverum Biotechnologies by 25.3% during the fourth quarter. Marquette Asset Management LLC now owns 121,393 shares of the biotechnology company’s stock valued at $70,000 after purchasing an additional 24,483 shares during the period. Rafferty Asset Management LLC lifted its stake in Adverum Biotechnologies by 55.9% in the second quarter. Rafferty Asset Management LLC now owns 69,954 shares of the biotechnology company’s stock worth $84,000 after acquiring an additional 25,076 shares during the period. Renaissance Technologies LLC lifted its stake in Adverum Biotechnologies by 2.3% in the third quarter. Renaissance Technologies LLC now owns 1,118,441 shares of the biotechnology company’s stock worth $1,063,000 after acquiring an additional 25,400 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its stake in Adverum Biotechnologies by 426.8% in the second quarter. BNP Paribas Arbitrage SA now owns 40,967 shares of the biotechnology company’s stock worth $49,000 after acquiring an additional 33,190 shares during the period. 63.68% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Trading Up 1.7 %

Shares of ADVM stock opened at $0.68 on Friday. The firm has a market capitalization of $67.82 million, a PE ratio of -0.43 and a beta of 1.07. The firm has a fifty day simple moving average of $0.65 and a two-hundred day simple moving average of $0.99. Adverum Biotechnologies has a 12 month low of $0.53 and a 12 month high of $1.82.

Adverum Biotechnologies (NASDAQ:ADVMGet Rating) last issued its quarterly earnings results on Thursday, November 10th. The biotechnology company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.08). On average, equities analysts predict that Adverum Biotechnologies will post -1.57 earnings per share for the current fiscal year.

About Adverum Biotechnologies

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Adverum Biotechnologies, Inc is a clinical-stage gene therapy company that engages in the development of gene therapies for ocular and rare diseases. The company was founded by Mark S. Blumenkranz, Thomas W. Chalberg, Jr., Mitchell H. Finer, and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Redwood City, CA.

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