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

Adverum Biotechnologies (NASDAQ:ADVM) released its earnings results 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 business had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million.

Adverum Biotechnologies Trading Up 0.5 %

Shares of Adverum Biotechnologies stock traded up $0.04 during trading on Tuesday, hitting $7.58. 22,443 shares of the stock were exchanged, compared to its average volume of 279,032. The company has a fifty day moving average price of $7.35 and a 200-day moving average price of $7.74. The stock has a market capitalization of $157.67 million, a price-to-earnings ratio of -0.95 and a beta of 1.02. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ADVM shares. Truist Financial decreased 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. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Chardan Capital boosted their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Royal Bank of Canada reduced their price objective on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 13th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and an average target price 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.