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

Adverum Biotechnologies (NASDAQ:ADVM) released 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 company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million.

Adverum Biotechnologies Stock Performance

Shares of ADVM stock opened at $7.94 on Thursday. Adverum Biotechnologies has a fifty-two week low of $6.38 and a fifty-two week high of $29.70. The stock’s fifty day moving average price is $7.38 and its two-hundred day moving average price is $7.71. The company has a market cap of $165.16 million, a PE ratio of -0.99 and a beta of 1.02.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ADVM. Chardan Capital upped their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Truist Financial decreased their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Finally, Royal Bank of Canada dropped their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

About Adverum Biotechnologies

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.