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

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

Adverum Biotechnologies Price Performance

ADVM traded up $0.22 during trading on Wednesday, hitting $7.94. The company’s stock had a trading volume of 187,665 shares, compared to its average volume of 278,989. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70. The stock has a market cap of $165.16 million, a PE ratio of -0.99 and a beta of 1.02. The firm’s 50 day moving average price is $7.38 and its 200-day moving average price is $7.71.

Analysts Set New Price Targets

ADVM has been the subject of a number of research reports. Truist Financial cut their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Finally, Chardan Capital upped their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Adverum Biotechnologies presently has an average 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.