Short Interest in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Expands By 37.2%

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 890,000 shares, a growth of 37.2% from the March 15th total of 648,500 shares. Based on an average daily volume of 258,600 shares, the short-interest ratio is currently 3.4 days. Currently, 6.0% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ADVM shares. Chardan Capital reissued a “buy” rating and issued a $4.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Mizuho boosted their price target on shares of Adverum Biotechnologies from $20.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Finally, StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Friday, March 22nd.

Insider Activity at Adverum Biotechnologies

In related news, Director James Paul Scopa acquired 10,000 shares of the stock in a transaction on Wednesday, February 7th. The shares were acquired at an average price of $13.50 per share, with a total value of $135,000.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $135,000. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its holdings in Adverum Biotechnologies by 55,529.7% in the 4th quarter. Bank of America Corp DE now owns 5,591,896 shares of the biotechnology company’s stock valued at $3,238,000 after purchasing an additional 5,581,844 shares in the last quarter. BML Capital Management LLC lifted its holdings in Adverum Biotechnologies by 16.3% in the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock valued at $3,428,000 after purchasing an additional 639,252 shares in the last quarter. Sonic GP LLC purchased a new position in Adverum Biotechnologies in the 4th quarter valued at $2,638,000. Vanguard Group Inc. lifted its holdings in Adverum Biotechnologies by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 4,189,034 shares of the biotechnology company’s stock valued at $6,284,000 after purchasing an additional 127,000 shares in the last quarter. Finally, AIGH Capital Management LLC increased its stake in shares of Adverum Biotechnologies by 139.6% in the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after acquiring an additional 1,848,834 shares during the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Performance

ADVM stock opened at $11.97 on Friday. Adverum Biotechnologies has a fifty-two week low of $7.10 and a fifty-two week high of $29.70. The firm has a market cap of $248.38 million, a PE ratio of -1.03 and a beta of 0.84. The firm has a fifty day moving average price of $17.55 and a 200 day moving average price of $12.25.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. On average, equities analysts predict that Adverum Biotechnologies will post -5.18 EPS for the current year.

Adverum Biotechnologies Company Profile

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.