Adverum Biotechnologies (NASDAQ:ADVM) Announces Quarterly Earnings Results

Adverum Biotechnologies (NASDAQ:ADVM) announced its quarterly earnings results on Monday. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10), Zacks reports. The firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million.

Adverum Biotechnologies Trading Up 0.5 %

Shares of NASDAQ ADVM traded up $0.04 on Thursday, reaching $7.98. 19,044 shares of the company traded hands, compared to its average volume of 277,782. Adverum Biotechnologies has a fifty-two week low of $6.38 and a fifty-two week high of $29.70. The company has a 50 day moving average of $7.38 and a 200 day moving average of $7.71. The stock has a market capitalization of $165.99 million, a PE ratio of -0.99 and a beta of 1.02.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ADVM shares. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Royal Bank of Canada dropped their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday. StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday. Truist Financial cut their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Finally, Chardan Capital lifted their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

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.