Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Short Interest Down 11.1% in November

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) was the recipient of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 1,360,000 shares, a drop of 11.1% from the November 15th total of 1,530,000 shares. Based on an average trading volume of 221,300 shares, the short-interest ratio is currently 6.1 days. Currently, 11.1% of the shares of the company are sold short.

Analysts Set New Price Targets

ADVM has been the subject of several recent research reports. Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Finally, StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADVM. Assenagon Asset Management S.A. raised 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 purchasing an additional 259,191 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter valued at $443,000. Rhumbline Advisers raised its stake in shares of Adverum Biotechnologies by 10,419.1% in the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after buying an additional 30,528 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after buying an additional 196,884 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after buying an additional 3,169 shares in the last quarter. 48.17% of the stock is currently owned by institutional investors.

Adverum Biotechnologies Stock Performance

NASDAQ:ADVM opened at $5.26 on Tuesday. Adverum Biotechnologies has a 1 year low of $5.21 and a 1 year high of $29.70. The business has a fifty day moving average of $7.07 and a 200-day moving average of $7.18. The stock has a market cap of $109.42 million, a price-to-earnings ratio of -0.88 and a beta of 0.91.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. On average, equities research analysts predict that Adverum Biotechnologies will post -4.92 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.