Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 890,000 shares, an increase of 37.2% from the March 15th total of 648,500 shares. Based on an average daily volume of 258,600 shares, the short-interest ratio is presently 3.4 days. Approximately 6.0% of the shares of the company are sold short.
Insider Buying and Selling at Adverum Biotechnologies
In other news, Director James Paul Scopa purchased 10,000 shares of the stock in a transaction dated Wednesday, February 7th. The stock was acquired at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $135,000. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 5.30% of the stock is owned by insiders.
Institutional Investors Weigh In On Adverum Biotechnologies
A number of large investors have recently added to or reduced their stakes in ADVM. Invesco Ltd. increased its position in Adverum Biotechnologies by 996.9% during the 1st quarter. Invesco Ltd. now owns 286,314 shares of the biotechnology company’s stock worth $375,000 after buying an additional 260,211 shares during the period. Mirabella Financial Services LLP bought a new position in shares of Adverum Biotechnologies in the first quarter worth $32,000. BNP Paribas Arbitrage SA increased its position in shares of Adverum Biotechnologies by 426.8% in the second quarter. BNP Paribas Arbitrage SA now owns 40,967 shares of the biotechnology company’s stock worth $49,000 after purchasing an additional 33,190 shares during the period. Renaissance Technologies LLC boosted its stake in Adverum Biotechnologies by 175.7% in the second quarter. Renaissance Technologies LLC now owns 1,093,041 shares of the biotechnology company’s stock valued at $1,312,000 after buying an additional 696,600 shares in the last quarter. Finally, Millennium Management LLC acquired a new stake in Adverum Biotechnologies in the second quarter valued at about $1,246,000. Institutional investors own 48.17% of the company’s stock.
Adverum Biotechnologies Stock Performance
Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last released its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. Equities research analysts predict that Adverum Biotechnologies will post -5.18 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on ADVM shares. Chardan Capital reissued a “buy” rating and issued a $4.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Finally, Mizuho increased their price target on shares of Adverum Biotechnologies from $20.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th.
Check Out Our Latest Report on ADVM
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.
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