Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Free Report) was the target of a large drop in short interest in January. As of January 31st, there was short interest totalling 1,220,000 shares, a drop of 26.1% from the January 15th total of 1,650,000 shares. Based on an average daily trading volume, of 1,330,000 shares, the days-to-cover ratio is presently 0.9 days. Approximately 1.4% of the shares of the stock are sold short.
Insider Buying and Selling at Adverum Biotechnologies
In related news, Director James Paul Scopa acquired 100,000 shares of the stock in a transaction dated Wednesday, February 7th. The stock was acquired at an average cost of $1.35 per share, with a total value of $135,000.00. Following the purchase, the director now directly owns 100,000 shares of the company’s stock, valued at $135,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.30% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Adverum Biotechnologies
Institutional investors and hedge funds have recently modified their holdings of the business. VR Adviser LLC bought a new stake in shares of Adverum Biotechnologies during the 2nd quarter worth approximately $6,179,000. Commodore Capital LP increased its holdings in Adverum Biotechnologies by 100.0% during the 2nd quarter. Commodore Capital LP now owns 10,000,000 shares of the biotechnology company’s stock worth $15,900,000 after purchasing an additional 5,000,000 shares during the period. Qube Research & Technologies Ltd purchased a new position in Adverum Biotechnologies during the 3rd quarter worth $37,000. Mirabella Financial Services LLP purchased a new position in Adverum Biotechnologies during the 1st quarter worth $32,000. Finally, XTX Topco Ltd purchased a new position in Adverum Biotechnologies during the 2nd quarter worth $26,000. 70.87% of the stock is owned by institutional investors.
Analyst Ratings Changes
Adverum Biotechnologies Stock Performance
Shares of ADVM stock opened at $1.99 on Tuesday. Adverum Biotechnologies has a 52-week low of $0.62 and a 52-week high of $2.97. The firm has a market capitalization of $201.05 million, a P/E ratio of -1.58 and a beta of 0.71. The stock has a 50 day moving average price of $1.03 and a 200 day moving average price of $1.23.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular and rare diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with chronic retinal, including wet age-related macular degeneration and diabetic macular edema.
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