Avedro Inc (NASDAQ:AVDR) Sees Large Decrease in Short Interest

Avedro Inc (NASDAQ:AVDR) was the target of a significant decrease in short interest in the month of June. As of June 30th, there was short interest totalling 215,800 shares, a decrease of 15.6% from the May 30th total of 255,800 shares. Approximately 1.9% of the company’s shares are short sold. Based on an average trading volume of 112,600 shares, the days-to-cover ratio is currently 1.9 days.

A number of hedge funds have recently bought and sold shares of AVDR. Catalyst Capital Advisors LLC purchased a new position in Avedro in the 1st quarter worth about $31,000. FNY Investment Advisers LLC purchased a new position in Avedro in the 1st quarter worth about $91,000. Spark Investment Management LLC purchased a new position in Avedro in the 1st quarter worth about $192,000. Gilder Gagnon Howe & Co. LLC purchased a new position in Avedro in the 1st quarter worth about $209,000. Finally, Falcon Point Capital LLC purchased a new position in Avedro in the 1st quarter worth about $261,000. 60.38% of the stock is currently owned by institutional investors.

Shares of AVDR traded down $0.29 during midday trading on Friday, hitting $19.69. The stock had a trading volume of 56,410 shares, compared to its average volume of 134,925. Avedro has a 1 year low of $10.75 and a 1 year high of $22.52. The company has a current ratio of 9.60, a quick ratio of 9.09 and a debt-to-equity ratio of 0.36. The company’s 50 day moving average is $19.40.

Avedro (NASDAQ:AVDR) last announced its earnings results on Thursday, May 9th. The company reported ($1.00) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.01) by $0.01. The firm had revenue of $8.77 million during the quarter, compared to analysts’ expectations of $7.93 million. Analysts predict that Avedro will post -2.25 earnings per share for the current fiscal year.

About Avedro

Avedro, Inc, an ophthalmic pharmaceutical and medical device company, develops and commercializes products to treat ophthalmic disorders and conditions, primarily associated with corneal weakness. The company's Avedro Corneal Remodeling platform comprises KXL and Mosaic systems, which deliver ultraviolet A or UVA light, and a suite of single-use riboflavin drug formulations.

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