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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) was the recipient of a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 1,940,000 shares, an increase of 22.8% from the May 15th total of 1,580,000 shares. Based on an average daily trading volume, of 327,300 shares, the short-interest ratio is currently 5.9 days. Approximately 14.0% of the company's shares are short sold.

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard bought 19,566 shares of the business's stock in a transaction dated Monday, March 31st. The shares were acquired at an average price of $4.38 per share, with a total value of $85,699.08. Following the purchase, the insider now owns 2,742,317 shares in the company, valued at approximately $12,011,348.46. The trade was a 0.72% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have acquired 105,182 shares of company stock valued at $398,995 and have sold 13,010 shares valued at $26,020. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of hedge funds have recently added to or reduced their stakes in ADVM. Wells Fargo & Company MN boosted its position in shares of Adverum Biotechnologies by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company's stock worth $57,000 after buying an additional 2,659 shares during the period. American Century Companies Inc. raised its stake in shares of Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company's stock worth $76,000 after purchasing an additional 4,362 shares in the last quarter. Nuveen LLC bought a new stake in Adverum Biotechnologies in the first quarter worth $139,000. JPMorgan Chase & Co. lifted its stake in shares of Adverum Biotechnologies by 226.6% in the fourth quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company's stock worth $143,000 after buying an additional 21,274 shares during the last quarter. Finally, AQR Capital Management LLC bought a new position in shares of Adverum Biotechnologies in the first quarter worth about $148,000. Institutional investors and hedge funds own 48.17% of the company's stock.

Adverum Biotechnologies Stock Down 1.3%

Shares of Adverum Biotechnologies stock traded down $0.03 on Thursday, hitting $2.29. 344,443 shares of the company's stock traded hands, compared to its average volume of 269,992. Adverum Biotechnologies has a 52-week low of $1.78 and a 52-week high of $10.14. The stock has a market cap of $47.84 million, a P/E ratio of -0.36 and a beta of 0.71. The firm's 50-day moving average is $2.71 and its 200 day moving average is $3.97.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share for the quarter, missing the consensus estimate of ($1.34) by ($0.62). Equities research analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. HC Wainwright restated a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Thursday, May 15th. Chardan Capital restated a "buy" rating and issued a $33.00 price target on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Finally, Royal Bank Of Canada reduced their target price on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Adverum Biotechnologies currently has an average rating of "Moderate Buy" and a consensus price target of $26.40.

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.