Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Free Report) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 1,110,000 shares, a growth of 5.7% from the August 15th total of 1,050,000 shares. Based on an average trading volume of 498,500 shares, the days-to-cover ratio is presently 2.2 days. Currently, 1.3% of the company’s stock are sold short.
Adverum Biotechnologies Stock Performance
Shares of ADVM opened at $1.54 on Tuesday. The stock has a 50-day moving average of $1.84 and a two-hundred day moving average of $1.32. Adverum Biotechnologies has a one year low of $0.53 and a one year high of $2.34. The stock has a market cap of $155.52 million, a P/E ratio of -1.16 and a beta of 0.82.
Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last issued its quarterly earnings results on Thursday, August 10th. The biotechnology company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.01. Analysts predict that Adverum Biotechnologies will post -1.19 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Institutional Trading of Adverum Biotechnologies
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADVM. BML Capital Management LLC acquired a new stake in Adverum Biotechnologies during the 4th quarter worth about $4,095,000. Bank of America Corp DE boosted its stake in shares of Adverum Biotechnologies by 55,529.7% in the fourth quarter. Bank of America Corp DE now owns 5,591,896 shares of the biotechnology company’s stock worth $3,238,000 after buying an additional 5,581,844 shares during the last quarter. Commodore Capital LP acquired a new position in Adverum Biotechnologies in the first quarter valued at approximately $3,587,000. Sonic GP LLC purchased a new stake in Adverum Biotechnologies in the 4th quarter worth approximately $2,638,000. Finally, VR Adviser LLC purchased a new stake in Adverum Biotechnologies in the 2nd quarter worth approximately $6,179,000. Institutional investors and hedge funds own 70.87% of the company’s stock.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular and rare diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with chronic retinal, including wet age-related macular degeneration and diabetic macular edema.
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