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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the target of a large decrease in short interest in March. As of March 15th, there was short interest totalling 648,500 shares, a decrease of 88.1% from the February 29th total of 5,430,000 shares. Based on an average daily volume of 231,700 shares, the short-interest ratio is currently 2.8 days. Approximately 4.3% of the shares of the stock are short sold.

Insider Buying and Selling

In other news, Director James Paul Scopa acquired 10,000 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, February 7th. The shares were purchased at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at $135,000. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its stake in Adverum Biotechnologies by 26.9% during the second quarter. Bank of New York Mellon Corp now owns 69,162 shares of the biotechnology company’s stock valued at $110,000 after buying an additional 14,677 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Adverum Biotechnologies by 2.0% in the 1st quarter. Geode Capital Management LLC now owns 787,900 shares of the biotechnology company’s stock worth $565,000 after purchasing an additional 15,748 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth $26,000. Monaco Asset Management SAM increased its holdings in shares of Adverum Biotechnologies by 33.8% in the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 20,000 shares in the last quarter. Finally, Cantor Fitzgerald L. P. increased its holdings in shares of Adverum Biotechnologies by 14.0% in the 2nd quarter. Cantor Fitzgerald L. P. now owns 162,838 shares of the biotechnology company’s stock worth $259,000 after purchasing an additional 20,000 shares in the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Analyst Ratings Changes

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

Adverum Biotechnologies Trading Up 3.6 %

Shares of NASDAQ:ADVM opened at $14.66 on Thursday. The stock has a fifty day simple moving average of $16.79 and a two-hundred day simple moving average of $12.45. The stock has a market capitalization of $304.20 million, a price-to-earnings ratio of -1.26 and a beta of 0.88. Adverum Biotechnologies has a 12-month low of $6.81 and a 12-month high of $29.70.

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

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.