Adverum Biotechnologies (NASDAQ:ADVM) Posts Earnings Results, Misses Expectations By $0.23 EPS

Adverum Biotechnologies (NASDAQ:ADVM) announced its quarterly earnings data on Wednesday. The biotechnology company reported ($2.03) EPS for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.23), Zacks reports.

Adverum Biotechnologies Trading Down 0.7%

ADVM opened at $4.30 on Thursday. Adverum Biotechnologies has a 1-year low of $1.78 and a 1-year high of $8.05. The company has a market cap of $90.23 million, a P/E ratio of -0.55 and a beta of 1.02. The company’s 50 day moving average is $4.18 and its 200-day moving average is $3.16.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ADVM shares. Truist Financial set a $5.00 price target on Adverum Biotechnologies in a research report on Friday, October 24th. Mizuho set a $5.50 price target on shares of Adverum Biotechnologies in a research report on Wednesday, October 29th. Chardan Capital cut shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Royal Bank Of Canada set a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, October 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adverum Biotechnologies in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.50.

Institutional Trading of Adverum Biotechnologies

Several institutional investors have recently modified their holdings of the business. XTX Topco Ltd acquired a new position in shares of Adverum Biotechnologies in the 2nd quarter valued at about $64,000. Qube Research & Technologies Ltd bought a new stake in Adverum Biotechnologies in the second quarter worth approximately $66,000. AQR Capital Management LLC acquired a new position in Adverum Biotechnologies in the first quarter valued at approximately $148,000. Marshall Wace LLP acquired a new position in Adverum Biotechnologies in the second quarter valued at approximately $107,000. Finally, Jane Street Group LLC bought a new position in shares of Adverum Biotechnologies during the 2nd quarter worth approximately $153,000. Institutional investors own 48.17% 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.