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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) saw a large 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 trading volume of 258,600 shares, the days-to-cover ratio is currently 3.4 days. Approximately 6.0% of the company’s stock are short sold.

Analyst Ratings Changes

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

Adverum Biotechnologies Price Performance

Shares of Adverum Biotechnologies stock opened at $11.73 on Friday. The business has a fifty day simple moving average of $17.50 and a two-hundred day simple moving average of $12.22. Adverum Biotechnologies has a 1 year low of $7.10 and a 1 year high of $29.70. The company has a market capitalization of $243.40 million, a price-to-earnings ratio of -1.01 and a beta of 0.84.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.80) by $0.50. As a group, equities analysts anticipate that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

In other Adverum Biotechnologies news, Director James Paul Scopa purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was bought at an average cost of $13.50 per share, with a total value of $135,000.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $135,000. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds have recently added to or reduced their stakes in the business. Twin Focus Capital Partners LLC acquired a new stake in Adverum Biotechnologies during the 4th quarter valued at $75,000. AIGH Capital Management LLC lifted its holdings in shares of Adverum Biotechnologies by 139.6% during the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after buying an additional 1,848,834 shares in the last quarter. Worth Venture Partners LLC lifted its holdings in shares of Adverum Biotechnologies by 136.5% during the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after buying an additional 452,678 shares in the last quarter. Apexium Financial LP acquired a new stake in shares of Adverum Biotechnologies during the fourth quarter worth $45,000. Finally, Monaco Asset Management SAM lifted its holdings in shares of Adverum Biotechnologies by 33.8% during 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. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.