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

Adverum Biotechnologies, Inc. (NASDAQ:ADVMGet Free Report) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 648,500 shares, a drop of 88.1% from the February 29th total of 5,430,000 shares. Based on an average trading volume of 231,700 shares, the days-to-cover ratio is presently 2.8 days. Approximately 4.3% of the shares of the stock are short sold.

Insider Activity

In other news, Director James Paul Scopa bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were acquired at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $135,000. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors have recently modified their holdings of the company. XTX Topco Ltd purchased a new position in Adverum Biotechnologies in the second quarter valued at $26,000. Mirabella Financial Services LLP purchased a new position in Adverum Biotechnologies in the first quarter valued at $32,000. Qube Research & Technologies Ltd purchased a new position in Adverum Biotechnologies in the third quarter valued at $37,000. BNP Paribas Arbitrage SA boosted its holdings 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 valued at $49,000 after purchasing an additional 33,190 shares during the period. Finally, Apexium Financial LP purchased a new position in Adverum Biotechnologies in the fourth quarter valued at $45,000. 48.17% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADVM has been the subject of several recent research reports. Chardan Capital reaffirmed a “buy” rating and issued a $4.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Finally, Mizuho raised their target price on Adverum Biotechnologies from $20.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th.

View Our Latest Research Report on Adverum Biotechnologies

Adverum Biotechnologies Stock Up 3.6 %

ADVM stock opened at $14.66 on Thursday. The business has a fifty day moving average of $16.79 and a two-hundred day moving average of $12.45. The stock has a market cap of $304.20 million, a price-to-earnings ratio of -1.26 and a beta of 0.88. Adverum Biotechnologies has a 52-week low of $6.81 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVMGet Free Report) last issued its quarterly earnings data on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.80) by $0.50. As a group, sell-side analysts anticipate that Adverum Biotechnologies will post -5.75 EPS for the current year.

About Adverum Biotechnologies

(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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