Adverum Biotechnologies (NASDAQ:ADVM) Posts Quarterly Earnings Results, Misses Expectations 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 analysts’ consensus estimates of ($1.20) by ($0.10), Zacks reports. The company had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock traded up $0.08 during mid-day trading on Tuesday, reaching $7.62. The company’s stock had a trading volume of 13,011 shares, compared to its average volume of 278,988. The business’s 50 day simple moving average is $7.35 and its 200 day simple moving average is $7.74. Adverum Biotechnologies has a 12 month low of $6.38 and a 12 month high of $29.70. The company has a market capitalization of $158.50 million, a price-to-earnings ratio of -0.95 and a beta of 1.02.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Truist Financial dropped their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Royal Bank of Canada decreased 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 report on Tuesday, August 13th. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. Finally, Chardan Capital upped their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.