Adverum Biotechnologies (NASDAQ:ADVM) Announces Quarterly Earnings Results

Adverum Biotechnologies (NASDAQ:ADVM) issued its quarterly earnings data on Wednesday. The biotechnology company reported ($2.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.23), Zacks reports.

Adverum Biotechnologies Trading Down 0.7%

Shares of Adverum Biotechnologies stock traded down $0.03 during midday trading on Wednesday, reaching $4.30. The company had a trading volume of 252,889 shares, compared to its average volume of 352,566. The stock has a fifty day simple moving average of $4.18 and a 200 day simple moving average of $3.16. Adverum Biotechnologies has a 1-year low of $1.78 and a 1-year high of $8.05. The company has a market capitalization of $90.23 million, a price-to-earnings ratio of -0.55 and a beta of 1.02.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ADVM shares. Truist Financial set a $5.00 target price on shares of Adverum Biotechnologies in a research report on Friday, October 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adverum Biotechnologies in a report on Wednesday, October 8th. Mizuho set a $5.50 target price on shares of Adverum Biotechnologies in a research note on Wednesday, October 29th. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, September 23rd. Finally, Chardan Capital downgraded Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.50.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. XTX Topco Ltd acquired a new position in shares of Adverum Biotechnologies during the second quarter valued at $64,000. Qube Research & Technologies Ltd bought a new stake in Adverum Biotechnologies during the 2nd quarter worth about $66,000. AQR Capital Management LLC acquired a new position in Adverum Biotechnologies during the 1st quarter valued at about $148,000. Marshall Wace LLP acquired a new position in Adverum Biotechnologies during the 2nd quarter valued at about $107,000. Finally, Jane Street Group LLC bought a new position in shares of Adverum Biotechnologies in the 2nd quarter valued at about $153,000. 48.17% of the stock is owned by institutional investors and hedge funds.

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.