Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Sees Significant Decrease in Short Interest

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the target of a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 1,480,000 shares, a drop of 9.2% from the September 15th total of 1,630,000 shares. Based on an average daily trading volume, of 279,100 shares, the short-interest ratio is currently 5.3 days. Approximately 10.5% of the company’s shares are sold short.

Insider Buying and Selling

In other news, major shareholder Braden Michael Leonard purchased 85,800 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were acquired at an average price of $7.15 per share, with a total value of $613,470.00. Following the completion of the transaction, the insider now owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management bought a new position in shares of Adverum Biotechnologies during the 1st quarter worth approximately $1,755,000. Assenagon Asset Management S.A. lifted its holdings in Adverum Biotechnologies by 72.3% during the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after acquiring an additional 259,191 shares during the period. Marshall Wace LLP boosted its position in Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after purchasing an additional 70,768 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after purchasing an additional 196,884 shares during the period. Finally, Squarepoint Ops LLC increased its position in shares of Adverum Biotechnologies by 301.1% during the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after purchasing an additional 81,808 shares during the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADVM. Royal Bank of Canada reduced their price objective on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. Chardan Capital increased their price objective on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Truist Financial decreased their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Adverum Biotechnologies currently has an average rating of “Moderate Buy” and a consensus target price of $28.17.

Adverum Biotechnologies Stock Up 6.8 %

Shares of Adverum Biotechnologies stock opened at $8.21 on Thursday. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70. The business has a 50 day moving average price of $7.08 and a 200-day moving average price of $8.17. The company has a market cap of $170.41 million, a PE ratio of -0.80 and a beta of 1.04.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, beating analysts’ consensus estimates of ($1.47) by $0.58. As a group, research analysts anticipate that Adverum Biotechnologies will post -4.64 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.