Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Short Interest Up 27.0% in April

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) was the target 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. Currently, 7.5% of the shares of the company are sold short. Based on an average daily volume of 276,500 shares, the short-interest ratio is presently 4.1 days.

Analyst Ratings Changes

Several equities research analysts have commented on ADVM shares. Chardan Capital restated a "buy" rating and issued a $4.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. StockNews.com upgraded Adverum Biotechnologies from a "sell" rating to a "hold" rating in a research report on Friday, March 22nd. Finally, Mizuho increased their target price on Adverum Biotechnologies from $20.00 to $40.00 and gave the company a "buy" rating in a research report on Tuesday, February 6th.

Insiders Place Their Bets

In related news, Director James Paul Scopa acquired 10,000 shares of the stock in a transaction on Wednesday, February 7th. The shares were acquired at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $135,000. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADVM. Citigroup Inc. acquired a new position in Adverum Biotechnologies in the 3rd quarter valued at $715,000. Newtyn Management LLC raised its stake in Adverum Biotechnologies by 2.5% in the 3rd quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company's stock valued at $1,538,000 after purchasing an additional 25,000 shares during the last quarter. BML Capital Management LLC increased its stake in shares of Adverum Biotechnologies by 16.3% in the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company's stock worth $3,428,000 after acquiring an additional 639,252 shares during the last quarter. Monaco Asset Management SAM increased its stake in shares of Adverum Biotechnologies by 33.8% in the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company's stock worth $60,000 after acquiring an additional 20,000 shares during the last quarter. Finally, Apexium Financial LP acquired a new stake in shares of Adverum Biotechnologies in the 4th quarter worth $45,000. 48.17% of the stock is owned by institutional investors and hedge funds.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM traded down $0.20 during midday trading on Friday, reaching $9.19. 798,696 shares of the company's stock traded hands, compared to its average volume of 228,813. Adverum Biotechnologies has a 1 year low of $7.10 and a 1 year high of $29.70. The company has a market cap of $190.69 million, a P/E ratio of -0.79 and a beta of 0.84. The company has a fifty day simple moving average of $15.39 and a two-hundred day simple moving average of $12.07.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($2.80) by $0.50. As a group, research analysts forecast that Adverum Biotechnologies will post -5.18 EPS for the current fiscal year.

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.