Adverum Biotechnologies (NASDAQ:ADVM) Issues Earnings Results, Misses Expectations By $0.10 EPS

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

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock traded up $0.04 during mid-day trading on Tuesday, reaching $7.58. 22,443 shares of the company were exchanged, compared to its average volume of 279,032. Adverum Biotechnologies has a 12 month low of $6.38 and a 12 month high of $29.70. The firm has a market cap of $157.67 million, a PE ratio of -0.95 and a beta of 1.02. The company has a fifty day simple moving average of $7.35 and a 200-day simple moving average of $7.74.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Chardan Capital boosted 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. Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 13th. Truist Financial reduced their price target 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. Finally, StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.17.

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.