Short Interest in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Expands By 27.0%

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totalling 1,130,000 shares, an increase 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 presently 4.1 days. Currently, 7.5% of the shares of the stock are sold short.

Adverum Biotechnologies Price Performance

NASDAQ ADVM opened at $9.53 on Tuesday. Adverum Biotechnologies has a 1-year low of $7.21 and a 1-year high of $29.70. The firm has a market capitalization of $197.75 million, a P/E ratio of -0.82 and a beta of 0.84. The business’s 50-day simple moving average is $15.18 and its 200-day simple moving average is $12.07.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data 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 expect that Adverum Biotechnologies will post -5.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADVM has been the topic of several recent analyst reports. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Mizuho dropped their price target on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday. Finally, Chardan Capital reiterated a “buy” rating and issued a $4.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, March 19th.

Insider Buying and Selling

In other news, Director James Paul Scopa acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was acquired at an average price of $13.50 per share, with a total value of $135,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $135,000. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. purchased a new stake in Adverum Biotechnologies during the 1st quarter worth $5,072,000. Vivo Capital LLC bought a new position in shares of Adverum Biotechnologies during the first quarter worth about $21,210,000. Twin Focus Capital Partners LLC acquired a new position in Adverum Biotechnologies in the fourth quarter worth about $75,000. AIGH Capital Management LLC increased its holdings in 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 last quarter. Finally, Worth Venture Partners LLC raised its stake in Adverum Biotechnologies by 136.5% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Company Profile

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.