Adverum Biotechnologies (NASDAQ:ADVM) Announces Quarterly Earnings Results

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

Adverum Biotechnologies Stock Performance

ADVM traded up $0.08 during midday trading on Tuesday, reaching $7.62. 13,011 shares of the company were exchanged, compared to its average volume of 278,988. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70. The company’s fifty day moving average price is $7.35 and its 200 day moving average price is $7.74. The company has a market cap of $158.50 million, a price-to-earnings ratio of -0.95 and a beta of 1.02.

Analysts Set New Price Targets

Several equities analysts have commented on ADVM shares. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Truist Financial lowered their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. 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 report on Thursday, July 18th. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. 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 report on Tuesday, August 13th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.17.

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.