Adverum Biotechnologies (ADVM) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Adverum Biotechnologies (NASDAQ:ADVM) released its quarterly earnings data on Thursday. The biotechnology company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.04), Fidelity Earnings reports. The company had revenue of $0.83 million during the quarter, compared to analysts’ expectations of $0.27 million. Adverum Biotechnologies had a negative return on equity of 30.61% and a negative net margin of 3,957.63%.

Shares of NASDAQ:ADVM opened at $3.76 on Friday. Adverum Biotechnologies has a 1 year low of $2.62 and a 1 year high of $8.59. The stock has a market cap of $231.34 million, a P/E ratio of -2.91 and a beta of 3.83.

ADVM has been the topic of several analyst reports. Zacks Investment Research upgraded Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $6.75 price objective on the stock in a report on Monday, August 27th. Cantor Fitzgerald initiated coverage on Adverum Biotechnologies in a report on Thursday, September 20th. They set an “overweight” rating and a $12.00 price target on the stock. Piper Jaffray Companies set a $8.00 price target on Adverum Biotechnologies and gave the company a “buy” rating in a report on Friday, November 2nd. Chardan Capital restated a “hold” rating and set a $8.00 price target on shares of Adverum Biotechnologies in a report on Thursday, August 9th. Finally, BidaskClub upgraded Adverum Biotechnologies from a “buy” rating to a “strong-buy” rating in a report on Friday, August 31st. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $6.85.

A hedge fund recently raised its stake in Adverum Biotechnologies stock. Bank of New York Mellon Corp boosted its holdings in shares of Adverum Biotechnologies Inc (NASDAQ:ADVM) by 259.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,599 shares of the biotechnology company’s stock after purchasing an additional 134,709 shares during the period. Bank of New York Mellon Corp owned about 0.30% of Adverum Biotechnologies worth $989,000 at the end of the most recent reporting period. 58.39% of the stock is currently owned by hedge funds and other institutional investors.

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About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.

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Earnings History for Adverum Biotechnologies (NASDAQ:ADVM)

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