Adverum Biotechnologies (NASDAQ:ADVM) Posts Earnings Results, Misses Estimates By $0.10 EPS

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

Adverum Biotechnologies Stock Up 2.1 %

Shares of ADVM opened at $7.88 on Wednesday. Adverum Biotechnologies has a 52-week low of $6.38 and a 52-week high of $29.70. The stock has a 50 day moving average price of $7.36 and a 200 day moving average price of $7.71. The company has a market capitalization of $163.91 million, a price-to-earnings ratio of -0.97 and a beta of 1.02.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Chardan Capital increased their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Truist Financial lowered their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. Finally, Royal Bank of Canada lowered their price target on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.