Adverum Biotechnologies (NASDAQ:ADVM) Issues Quarterly Earnings Results

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

Adverum Biotechnologies Price Performance

ADVM traded up $0.20 on Tuesday, reaching $6.69. 41,689 shares of the company’s stock were exchanged, compared to its average volume of 313,414. The stock has a market cap of $138.86 million, a PE ratio of -0.65 and a beta of 1.07. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70. The stock’s fifty day moving average price is $7.41 and its 200-day moving average price is $11.62.

Insiders Place Their Bets

In related news, major shareholder Braden Michael Leonard acquired 135,546 shares of the stock in a transaction on Wednesday, July 17th. The shares were bought at an average price of $7.75 per share, with a total value of $1,050,481.50. Following the completion of the purchase, the insider now owns 2,101,546 shares of the company’s stock, valued at approximately $16,286,981.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

ADVM has been the topic of several recent analyst reports. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Friday, May 10th. Chardan Capital lifted their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Mizuho reduced their price objective 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, Truist Financial reiterated a “buy” rating and issued a $60.00 target price on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.40.

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.