Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Free Report) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 1,220,000 shares, an increase of 49.5% from the June 30th total of 815,800 shares. Currently, 9.4% of the company’s shares are short sold. Based on an average trading volume of 418,500 shares, the short-interest ratio is presently 2.9 days.
Insider Activity at Adverum Biotechnologies
In related news, major shareholder Braden Michael Leonard acquired 135,546 shares of Adverum Biotechnologies stock in a transaction on Wednesday, July 17th. The shares were bought at an average cost of $7.75 per share, with a total value of $1,050,481.50. Following the completion of the purchase, the insider now directly owns 2,101,546 shares of the company’s stock, valued at approximately $16,286,981.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.20% of the stock is owned by insiders.
Institutional Trading of Adverum Biotechnologies
A number of institutional investors have recently made changes to their positions in ADVM. Picton Mahoney Asset Management acquired a new stake in Adverum Biotechnologies in the first quarter worth about $1,755,000. Bank of New York Mellon Corp acquired a new stake in Adverum Biotechnologies in the 2nd quarter worth approximately $443,000. Assenagon Asset Management S.A. grew its position in Adverum Biotechnologies by 72.3% during the 2nd 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 during the last quarter. Avoro Capital Advisors LLC acquired a new position in Adverum Biotechnologies during the 1st quarter valued at approximately $5,892,000. Finally, Twin Focus Capital Partners LLC purchased a new position in shares of Adverum Biotechnologies in the fourth quarter worth $75,000. Institutional investors and hedge funds own 48.17% of the company’s stock.
Wall Street Analysts Forecast Growth
View Our Latest Stock Report on Adverum Biotechnologies
Adverum Biotechnologies Price Performance
Shares of ADVM stock opened at $8.17 on Monday. The stock’s 50-day moving average is $7.59 and its 200 day moving average is $11.74. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70. The company has a market cap of $169.61 million, a P/E ratio of -0.80 and a beta of 1.07.
Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last posted its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.28) by ($0.22). On average, analysts anticipate that Adverum Biotechnologies will post -5.5 EPS for the current 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.
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