Is Adverum Biotechnologies Inc (ADVM) a Good Stock to Buy?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. At the top of the heap, Jeffrey Jay and David Kroin’s Great Point Partners said goodbye to the largest position of the 700 funds followed by Insider Monkey, worth close to $1.7 million in stock, and Nathan Fischel’s DAFNA Capital Management was right behind this move, as the fund cut about $0.4 million worth of shares.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Adverum Biotechnologies Inc (NASDAQ:ADVM) but similarly valued. We will take a look at Ocular Therapeutix Inc (NASDAQ:OCUL), Avenue Income Credit Strategies Fund (NYSE:ACP), Pacific Mercantile Bancorp (NASDAQ:PMBC), and CyberOptics Corporation (NASDAQ:CYBE). All of these stocks’ market caps are closest to ADVM’s market cap.

As you can see these stocks had an average of four hedge funds with bullish positions and the average amount invested in these stocks was $9 million. That figure was $15 million in ADVM’s case. Ocular Therapeutix Inc (NASDAQ:OCUL) is the most popular stock in this table. On the other hand Pacific Mercantile Bancorp (NASDAQ:PMBC) is the least popular one with only two bullish hedge fund positions. Compared to these stocks Adverum Biotechnologies Inc (NASDAQ:ADVM) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none