Adverum Biotechnologies Inc (NASDAQ: ADVM) Surprises Bears, Looks Strong Going Forward

In the last trading session, 3.94 million Adverum Biotechnologies Inc (NASDAQ:ADVM) shares changed hands as the company’s beta touched 0.77. With the company’s per share price at $1.73 changed hands at -$0.24 or -12.18% during last session, the market valuation stood at $174.78M. ADVM’s last price was a discount, traded about -71.68% off its 52-week high of $2.97. The share price had its 52-week low at $0.61, which suggests the last value was 64.74% up since then. When we look at Adverum Biotechnologies Inc’s average trading volume, we note the 10-day average is 6.35 million shares, with the 3-month average coming to 2.97.

Adverum Biotechnologies Inc (NASDAQ:ADVM) trade information

Instantly ADVM was in red as seen at the end of in last trading. With action 21.83%, the performance over the past five days has been green. The drop to weekly highs of 2.9700 subtracted -12.18% to the stock’s daily price. The company’s shares are showing year-to-date upside of 129.81%, with the 5-day performance at 21.83% in the green. However, in the 30-day time frame, Adverum Biotechnologies Inc (NASDAQ:ADVM) is 98.85% up. Looking at the short shares, we see there were 1.22 million shares sold at short interest cover period of 1.65 days.

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Adverum Biotechnologies Inc (ADVM) estimates and forecasts

Data shows that the Adverum Biotechnologies Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -5.46% over the past 6 months, a 19.23% in annual growth rate that is considerably higher than the industry average of 15.50%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -3.90%. The 2024 estimates are for Adverum Biotechnologies Inc earnings to increase by 20.16%.

Adverum Biotechnologies Inc (NASDAQ:ADVM)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.93% of Adverum Biotechnologies Inc shares while 32.27% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 32.58%. There are 32.27% institutions holding the Adverum Biotechnologies Inc stock share, with Commodore Capital Lp the top institutional holder. As of Jun 29, 2023, the company held 9.90% of the shares, roughly 10.0 million ADVM shares worth $15.9 million.

FMR, LLC holds the second largest percentage of outstanding shares, with 7.68% or 7.76 million shares worth $12.34 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were Fidelity Select Portfolios – Biotechnology and Vanguard Total Stock Market Index Fund. With 6.9 million shares estimated at $12.01 million under it, the former controlled 6.83% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.64% of the shares, roughly 2.66 million shares worth around $4.23 million.

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