Adverum Biotechnologies (NASDAQ:ADVM) Releases Earnings Results, Beats Estimates By $0.58 EPS

Adverum Biotechnologies (NASDAQ:ADVM) released its earnings results on Monday. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.47) by $0.58, Yahoo Finance reports.

Adverum Biotechnologies Stock Performance

ADVM opened at $6.45 on Thursday. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70. The business’s fifty day moving average is $7.38 and its two-hundred day moving average is $11.56. The company has a market cap of $133.88 million, a price-to-earnings ratio of -0.63 and a beta of 1.07.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Chardan Capital upped their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Truist Financial dropped their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Thursday. Royal Bank of Canada dropped their price objective on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, Mizuho dropped their price objective on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.17.

Insider Activity

In related news, major shareholder Braden Michael Leonard acquired 85,800 shares of Adverum Biotechnologies stock in a transaction dated Tuesday, July 30th. The shares were acquired at an average cost of $7.15 per share, for a total transaction of $613,470.00. Following the completion of the transaction, the insider now directly owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.20% of the company’s stock.

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.