Adverum Biotechnologies (NASDAQ:ADVM) Announces Quarterly Earnings Results, Beats Expectations By $0.58 EPS

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

Adverum Biotechnologies Price Performance

Shares of ADVM stock opened at $6.76 on Wednesday. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70. The firm has a market cap of $140.32 million, a PE ratio of -0.66 and a beta of 1.07. The company has a 50-day moving average of $7.40 and a two-hundred day moving average of $11.60.

Insider Activity

In other news, major shareholder Braden Michael Leonard bought 85,800 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were bought at an average price of $7.15 per share, with a total value of $613,470.00. Following the completion of the transaction, the insider now directly owns 2,268,064 shares in the company, valued at $16,216,657.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

ADVM has been the subject of a number of analyst reports. 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 dropped their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 29th. Royal Bank of Canada reduced their price target on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday. Finally, Chardan Capital raised their price objective 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.50.

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.