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

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

Adverum Biotechnologies Stock Up 2.3 %

Shares of ADVM traded up $0.15 during midday trading on Tuesday, hitting $6.64. The company’s stock had a trading volume of 35,976 shares, compared to its average volume of 313,377. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70. The stock has a market capitalization of $137.83 million, a price-to-earnings ratio of -0.64 and a beta of 1.07. The company’s fifty day simple moving average is $7.41 and its two-hundred day simple moving average is $11.62.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ADVM. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Friday, May 10th. StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Mizuho dropped their price objective on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 29th. Oppenheimer assumed coverage on Adverum Biotechnologies in a report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 target price on the stock. Finally, Truist Financial reaffirmed a “buy” rating and issued a $60.00 price target on shares of Adverum Biotechnologies in a research note on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.40.

Insider Buying and Selling

In related news, major shareholder Braden Michael Leonard purchased 85,800 shares of Adverum Biotechnologies stock in a transaction dated Tuesday, July 30th. The shares were bought at an average cost of $7.15 per share, for a total transaction of $613,470.00. Following the purchase, the insider now owns 2,268,064 shares in the company, valued at approximately $16,216,657.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.20% of the stock is owned by corporate insiders.

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.