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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 866,200 shares, a growth of 13.2% from the May 31st total of 765,100 shares. Based on an average daily trading volume, of 300,400 shares, the short-interest ratio is presently 2.9 days. Currently, 6.7% of the company’s stock are sold short.

Analyst Ratings Changes

A number of analysts recently commented on the stock. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Monday, May 27th. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Friday, May 10th. Truist Financial reissued a “buy” rating and set a $60.00 price target on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. Oppenheimer started coverage on shares of Adverum Biotechnologies in a research report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 price target for the company. Finally, Mizuho reduced 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, April 29th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Adverum Biotechnologies currently has a consensus rating of “Moderate Buy” and an average price target of $28.20.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM opened at $6.84 on Wednesday. The firm has a market cap of $142.00 million, a price-to-earnings ratio of -0.67 and a beta of 1.07. The company has a 50 day moving average price of $8.16 and a 200-day moving average price of $11.76. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.28) by ($0.22). On average, sell-side analysts anticipate that Adverum Biotechnologies will post -5.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC purchased a new stake in Adverum Biotechnologies in the 1st quarter worth $5,892,000. Picton Mahoney Asset Management purchased a new stake in Adverum Biotechnologies in the 1st quarter worth $1,755,000. Assenagon Asset Management S.A. purchased a new stake in Adverum Biotechnologies in the 1st quarter worth $5,072,000. Vivo Capital LLC purchased a new stake in Adverum Biotechnologies in the 1st quarter worth $21,210,000. Finally, Twin Focus Capital Partners LLC acquired a new stake in Adverum Biotechnologies during the 4th quarter worth $75,000. Hedge funds and other institutional investors 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.