Avrobio Inc (NASDAQ:AVRO) Sees Significant Decline in Short Interest

Avrobio Inc (NASDAQ:AVRO) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,070,000 shares, a drop of 25.2% from the September 30th total of 1,430,000 shares. Based on an average trading volume of 241,100 shares, the short-interest ratio is currently 4.4 days. Approximately 4.7% of the shares of the company are sold short.

Several hedge funds and other institutional investors have recently made changes to their positions in AVRO. JPMorgan Chase & Co. increased its stake in shares of Avrobio by 18.3% in the second quarter. JPMorgan Chase & Co. now owns 1,448,130 shares of the company’s stock worth $22,244,000 after purchasing an additional 223,675 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Avrobio by 33.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 808,235 shares of the company’s stock worth $13,142,000 after purchasing an additional 203,484 shares in the last quarter. BlackRock Inc. increased its stake in shares of Avrobio by 16.6% in the second quarter. BlackRock Inc. now owns 1,221,741 shares of the company’s stock worth $19,866,000 after purchasing an additional 174,121 shares in the last quarter. AlpInvest Partners B.V. purchased a new stake in shares of Avrobio in the second quarter worth $2,464,000. Finally, Farallon Capital Management LLC grew its stake in Avrobio by 15.1% during the second quarter. Farallon Capital Management LLC now owns 1,036,147 shares of the company’s stock valued at $16,848,000 after acquiring an additional 136,147 shares in the last quarter. 68.56% of the stock is owned by hedge funds and other institutional investors.

Several research firms have weighed in on AVRO. Nomura began coverage on shares of Avrobio in a research report on Monday, October 28th. They issued a “buy” rating and a $35.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of Avrobio in a research report on Friday. Janney Montgomery Scott reiterated a “buy” rating on shares of Avrobio in a research report on Friday. Cowen reiterated a “buy” rating on shares of Avrobio in a research report on Monday, July 15th. Finally, Mizuho reissued a “buy” rating and issued a $28.00 price objective on shares of Avrobio in a research note on Sunday, August 11th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Avrobio currently has a consensus rating of “Buy” and a consensus target price of $28.92.

Shares of NASDAQ AVRO traded down $1.24 during midday trading on Monday, reaching $14.15. The stock had a trading volume of 101,000 shares, compared to its average volume of 225,418. The stock has a 50-day moving average of $14.77 and a 200-day moving average of $17.14. The company has a market capitalization of $349.17 million, a price-to-earnings ratio of -3.91 and a beta of 2.63. Avrobio has a 12-month low of $11.85 and a 12-month high of $31.00.

Avrobio (NASDAQ:AVRO) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.59) by $0.02. Sell-side analysts predict that Avrobio will post -2.52 earnings per share for the current fiscal year.

About Avrobio

AVROBIO, Inc, a clinical-stage gene therapy company, focuses on developing ex vivo lentiviral-based gene therapies to treat rare diseases following a single dose in the United States. Its gene therapies employ hematopoietic stem cells that are collected from patients and modified with a lentiviral vector to insert functional copies of the gene, which is defective in the target disease.

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