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

Adverum Biotechnologies (NASDAQ:ADVM) posted 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 Trading Up 2.4 %

NASDAQ:ADVM opened at $7.72 on Wednesday. Adverum Biotechnologies has a 1 year low of $6.38 and a 1 year high of $29.70. The stock has a 50-day moving average price of $7.36 and a two-hundred day moving average price of $7.71. The stock has a market cap of $160.58 million, a price-to-earnings ratio of -0.97 and a beta of 1.02.

Analyst Upgrades and Downgrades

ADVM has been the topic of several recent research reports. Chardan Capital raised their target price 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. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Royal Bank of Canada reduced their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Truist Financial dropped their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.