Short Interest in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Grows By 49.5%

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 1,220,000 shares, an increase of 49.5% from the June 30th total of 815,800 shares. Based on an average daily volume of 418,500 shares, the short-interest ratio is currently 2.9 days. Approximately 9.4% of the company’s stock are sold short.

Insider Activity

In other news, major shareholder Braden Michael Leonard purchased 135,546 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were acquired at an average cost of $7.75 per share, for a total transaction of $1,050,481.50. Following the completion of the acquisition, the insider now owns 2,101,546 shares in the company, valued at $16,286,981.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adverum Biotechnologies

Hedge funds have recently made changes to their positions in the stock. Apexium Financial LP bought a new position in Adverum Biotechnologies in the 4th quarter worth about $45,000. Monaco Asset Management SAM lifted its holdings in shares of Adverum Biotechnologies by 33.8% in the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after buying an additional 20,000 shares in the last quarter. Twin Focus Capital Partners LLC purchased a new stake in shares of Adverum Biotechnologies in the fourth quarter worth about $75,000. Bank of New York Mellon Corp bought a new position in shares of Adverum Biotechnologies in the second quarter valued at approximately $443,000. Finally, Worth Venture Partners LLC boosted its holdings in Adverum Biotechnologies by 136.5% in the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after purchasing an additional 452,678 shares during the period. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Adverum Biotechnologies Stock Up 1.0 %

ADVM opened at $8.17 on Monday. The firm has a 50-day moving average price of $7.59 and a 200-day moving average price of $11.74. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70. The company has a market capitalization of $169.61 million, a price-to-earnings ratio of -0.80 and a beta of 1.07.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.22). On average, sell-side analysts expect that Adverum Biotechnologies will post -5.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Chardan Capital raised their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Friday, May 10th. Truist Financial restated a “buy” rating and set a $60.00 price target on shares of Adverum Biotechnologies in a research note on Wednesday, May 15th. Oppenheimer started coverage on Adverum Biotechnologies in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price objective on the stock. Finally, Mizuho reduced their price objective on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 29th. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.40.

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.