Adverum Biotechnologies (NASDAQ:ADVM) Issues Earnings Results, Beats Estimates By $0.58 EPS

Adverum Biotechnologies (NASDAQ:ADVM) released its quarterly earnings data on Monday. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58, Yahoo Finance reports.

Adverum Biotechnologies Stock Performance

NASDAQ:ADVM opened at $6.99 on Wednesday. The firm’s fifty day moving average is $7.40 and its 200-day moving average is $11.60. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70. The firm has a market cap of $145.09 million, a P/E ratio of -0.66 and a beta of 1.07.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADVM. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday. 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. Truist Financial restated a “buy” rating and issued a $60.00 price target on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. Mizuho decreased their price target on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Finally, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Adverum Biotechnologies currently has an average rating of “Moderate Buy” and an average price target of $31.50.

Insider Buying and Selling

In related news, major shareholder Braden Michael Leonard bought 85,800 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The shares were acquired at an average cost of $7.15 per share, with a total value of $613,470.00. Following the completion of the purchase, the insider now directly owns 2,268,064 shares in the company, valued at $16,216,657.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.20% of the stock is owned by insiders.

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.