Q3 2024 EPS Estimates for Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Raised by Analyst

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) – Equities research analysts at HC Wainwright boosted their Q3 2024 earnings estimates for Adverum Biotechnologies in a research report issued on Tuesday, August 13th. HC Wainwright analyst M. Caufield now anticipates that the biotechnology company will post earnings per share of ($1.29) for the quarter, up from their previous estimate of ($1.31). HC Wainwright has a “Buy” rating and a $30.00 price target on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($5.50) per share. HC Wainwright also issued estimates for Adverum Biotechnologies’ Q4 2024 earnings at ($1.34) EPS, FY2024 earnings at ($4.97) EPS, FY2025 earnings at ($5.24) EPS, FY2026 earnings at ($5.96) EPS, FY2027 earnings at ($6.51) EPS and FY2028 earnings at ($5.72) EPS.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $0.58.

ADVM has been the topic of a number of other reports. Mizuho lowered their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Truist Financial dropped their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday. Royal Bank of Canada decreased their target price on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Oppenheimer initiated coverage on Adverum Biotechnologies in a research report on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $28.17.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $6.82 on Thursday. The stock’s 50-day simple moving average is $7.35 and its 200-day simple moving average is $11.50. The firm has a market capitalization of $141.56 million, a PE ratio of -0.67 and a beta of 1.07. Adverum Biotechnologies has a fifty-two week low of $6.38 and a fifty-two week high of $29.70.

Institutional Trading of Adverum Biotechnologies

Hedge funds and other institutional investors have recently modified their holdings of the company. BML Capital Management LLC increased its position in Adverum Biotechnologies by 16.3% in the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after purchasing an additional 639,252 shares during the last quarter. Monaco Asset Management SAM raised its position in shares of Adverum Biotechnologies by 33.8% during the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after buying an additional 20,000 shares during the last quarter. Apexium Financial LP acquired a new stake in shares of Adverum Biotechnologies during the 4th quarter worth approximately $45,000. Worth Venture Partners LLC raised its stake in shares of Adverum Biotechnologies by 136.5% in the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after buying an additional 452,678 shares in the last quarter. Finally, AIGH Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 139.6% in the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after buying an additional 1,848,834 shares in the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adverum Biotechnologies

In other Adverum Biotechnologies 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 stock was 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. 4.20% of the stock is owned by 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.