Adverum Biotechnologies (NASDAQ:ADVM) Posts Quarterly Earnings Results, Misses Estimates By $0.62 EPS

Adverum Biotechnologies (NASDAQ:ADVM) issued its quarterly earnings data on Tuesday. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.34) by ($0.62), Zacks reports.

Adverum Biotechnologies Trading Down 7.7 %

NASDAQ ADVM opened at $2.98 on Thursday. The company has a market cap of $61.99 million, a PE ratio of -0.50 and a beta of 1.10. Adverum Biotechnologies has a 12 month low of $2.89 and a 12 month high of $11.87. The stock has a 50 day moving average of $4.26 and a 200-day moving average of $5.43.

Analysts Set New Price Targets

ADVM has been the subject of a number of research reports. Chardan Capital lowered their target price on Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating for the company in a report on Thursday. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Wednesday. StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. Finally, Royal Bank of Canada decreased their price target on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.83.

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 30,600 shares of Adverum Biotechnologies stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $5.61 per share, for a total transaction of $171,666.00. Following the completion of the acquisition, the insider now owns 2,722,761 shares of the company’s stock, valued at approximately $15,274,689.21. This trade represents a 1.14 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders have bought 148,123 shares of company stock valued at $714,040. 4.20% of the stock is currently owned by corporate insiders.

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.