Adverum Biotechnologies (NASDAQ:ADVM) issued its earnings results on Thursday. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.04), Fidelity Earnings reports. The firm 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 traded up $0.02 during trading on Friday, reaching $3.76. 265,744 shares of the company traded hands, compared to its average volume of 920,647. The firm has a market capitalization of $222.56 million, a P/E ratio of -2.91 and a beta of 3.83. Adverum Biotechnologies has a 12-month low of $2.62 and a 12-month high of $8.59.
A number of equities analysts recently issued reports on the company. Cantor Fitzgerald lowered Adverum Biotechnologies from an “overweight” rating to a “hold” rating and reduced their target price for the stock from $12.00 to $4.00 in a research note on Sunday, November 4th. Chardan Capital restated a “hold” rating and issued a $4.50 target price on shares of Adverum Biotechnologies in a research note on Friday, November 2nd. SunTrust Banks lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Friday, November 2nd. Raymond James lowered Adverum Biotechnologies from an “outperform” rating to a “market perform” rating in a research note on Friday, November 2nd. Finally, Piper Jaffray Companies set a $8.00 target price on Adverum Biotechnologies and gave the stock a “buy” rating in a research note on Friday, November 2nd. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $6.85.
A hedge fund recently raised its stake in Adverum Biotechnologies stock. Bank of New York Mellon Corp raised its stake in shares of Adverum Biotechnologies Inc (NASDAQ:ADVM) by 259.6% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 186,599 shares of the biotechnology company’s stock after buying 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 quarter. Institutional investors and hedge funds own 58.39% of the company’s stock.
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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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