Adverum Biotechnologies (NASDAQ:ADVM) Announces Earnings Results

Adverum Biotechnologies (NASDAQ:ADVM) released its quarterly earnings data on Tuesday. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, Zacks reports.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock opened at $3.43 on Tuesday. Adverum Biotechnologies has a 1-year low of $3.07 and a 1-year high of $12.09. The company has a market cap of $71.35 million, a P/E ratio of -0.57 and a beta of 1.10. The company has a fifty day simple moving average of $4.31 and a 200 day simple moving average of $5.46.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.83.

Insider Buying and Selling

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 30,600 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $5.61 per share, with a total value of $171,666.00. Following the completion of the purchase, the insider now owns 2,722,761 shares of the company’s stock, valued at approximately $15,274,689.21. This represents a 1.14 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders bought 148,123 shares of company stock valued at $714,040. Insiders own 4.20% of the company’s stock.

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.