Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Free Report) – Stock analysts at HC Wainwright lowered their FY2024 earnings per share estimates for Adverum Biotechnologies in a research note issued to investors on Tuesday, November 5th. HC Wainwright analyst M. Caufield now expects that the biotechnology company will post earnings per share of ($5.04) for the year, down from their previous forecast of ($4.97). HC Wainwright currently has a “Buy” rating and a $30.00 target price on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($4.64) per share. HC Wainwright also issued estimates for Adverum Biotechnologies’ Q4 2024 earnings at ($1.40) EPS, FY2025 earnings at ($5.59) EPS, FY2026 earnings at ($6.55) EPS, FY2027 earnings at ($7.18) EPS and FY2028 earnings at ($6.38) EPS.
Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million.
Check Out Our Latest Stock Report on ADVM
Adverum Biotechnologies Stock Performance
Shares of ADVM stock opened at $7.94 on Thursday. The firm has a market capitalization of $165.16 million, a price-to-earnings ratio of -0.99 and a beta of 1.02. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70. The company has a 50 day moving average price of $7.38 and a 200 day moving average price of $7.71.
Hedge Funds Weigh In On Adverum Biotechnologies
Several institutional investors and hedge funds have recently made changes to their positions in ADVM. Picton Mahoney Asset Management acquired a new stake in Adverum Biotechnologies in the first quarter valued at $1,755,000. Avoro Capital Advisors LLC acquired a new stake in shares of Adverum Biotechnologies in the 1st quarter valued at about $5,892,000. Assenagon Asset Management S.A. lifted its position in shares of Adverum Biotechnologies by 72.3% during the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after purchasing an additional 259,191 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies in the second quarter worth about $443,000. Finally, Rhumbline Advisers increased its holdings in Adverum Biotechnologies by 10,419.1% in the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after buying an additional 30,528 shares during the last quarter. 48.17% of the stock is currently 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.
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