Adverum Biotechnologies (NASDAQ:ADVM) Issues Quarterly Earnings Results

Adverum Biotechnologies (NASDAQ:ADVM) posted its quarterly earnings results on Monday. The biotechnology company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $0.58, Yahoo Finance reports.

Adverum Biotechnologies Stock Up 3.4 %

ADVM stock opened at $6.99 on Wednesday. The business’s fifty day simple moving average is $7.40 and its two-hundred day simple moving average is $11.60. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70. The firm has a market cap of $145.09 million, a price-to-earnings ratio of -0.66 and a beta of 1.07.

Insider Activity

In other news, major shareholder Braden Michael Leonard purchased 135,546 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were purchased at an average price of $7.75 per share, for a total transaction of $1,050,481.50. Following the completion of the purchase, the insider now owns 2,101,546 shares in the company, valued at approximately $16,286,981.50. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on ADVM. Chardan Capital upped their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Oppenheimer initiated coverage on Adverum Biotechnologies in a research report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 target price for the company. StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday. Finally, Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

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.