Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Free Report) saw a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 1,130,000 shares, a growth of 27.0% from the March 31st total of 890,000 shares. Based on an average daily volume of 276,500 shares, the days-to-cover ratio is currently 4.1 days. Approximately 7.5% of the company’s shares are sold short.
Insider Buying and Selling at Adverum Biotechnologies
In other Adverum Biotechnologies news, Director James Paul Scopa bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were purchased 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 in the company, valued at $135,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.30% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the company. AIGH Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 139.6% in the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock valued at $2,388,000 after buying an additional 1,848,834 shares during the period. Vivo Capital LLC bought a new position in shares of Adverum Biotechnologies in the first quarter worth about $21,210,000. BML Capital Management LLC lifted its holdings in shares of Adverum Biotechnologies by 16.3% in the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after acquiring an additional 639,252 shares during the last quarter. Citigroup Inc. bought a new position in shares of Adverum Biotechnologies in the third quarter worth about $715,000. Finally, Worth Venture Partners LLC raised 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 buying an additional 452,678 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.
Wall Street Analysts Forecast Growth
Get Our Latest Research Report on ADVM
Adverum Biotechnologies Trading Down 2.1 %
Adverum Biotechnologies stock opened at $9.19 on Monday. Adverum Biotechnologies has a 1-year low of $7.10 and a 1-year high of $29.70. The firm’s fifty day simple moving average is $15.39 and its 200-day simple moving average is $12.07. The company has a market capitalization of $190.74 million, a P/E ratio of -0.79 and a beta of 0.84.
Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last posted its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.80) by $0.50. On average, equities research analysts predict that Adverum Biotechnologies will post -5.18 earnings per share 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.
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