Chardan Capital Has Bearish Outlook for ADVM FY2024 Earnings

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) – Stock analysts at Chardan Capital decreased their FY2024 EPS estimates for Adverum Biotechnologies in a research report issued to clients and investors on Tuesday, November 5th. Chardan Capital analyst D. Gataulin now expects that the biotechnology company will post earnings of ($4.89) per share for the year, down from their prior forecast of ($4.07). Chardan Capital has a “Buy” rating and a $40.00 price target on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($4.64) per share. Chardan Capital also issued estimates for Adverum Biotechnologies’ FY2025 earnings at ($5.20) EPS.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday. Royal Bank of Canada decreased 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. HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Finally, Truist Financial reduced their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

Shares of NASDAQ ADVM opened at $7.90 on Friday. Adverum Biotechnologies has a fifty-two week low of $6.38 and a fifty-two week high of $29.70. The business has a 50-day simple moving average of $7.40 and a two-hundred day simple moving average of $7.72.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The firm had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its position in Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 3,169 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at $74,000. Rhumbline Advisers boosted its holdings in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after buying an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Adverum Biotechnologies during the second quarter worth $443,000. Finally, Marshall Wace LLP grew its position in Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after buying an additional 70,768 shares during the period. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.