Adverum Biotechnologies (NASDAQ:ADVM) Issues Earnings Results

Adverum Biotechnologies (NASDAQ:ADVMGet Rating) announced its earnings results on Thursday. The biotechnology company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.07), MarketWatch Earnings reports.

Shares of ADVM opened at $0.84 on Friday. Adverum Biotechnologies has a twelve month low of $0.81 and a twelve month high of $3.86. The firm’s 50-day moving average is $1.21 and its two-hundred day moving average is $1.56.

A number of equities analysts recently weighed in on the stock. StockNews.com began coverage on shares of Adverum Biotechnologies in a research report on Thursday, March 31st. They issued a “sell” rating on the stock. Chardan Capital reiterated a “neutral” rating on shares of Adverum Biotechnologies in a research note on Monday, April 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $3.20.

In other news, CEO Laurent Fischer acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 20th. The stock was purchased at an average cost of $1.11 per share, with a total value of $27,750.00. Following the purchase, the chief executive officer now directly owns 762,462 shares of the company’s stock, valued at approximately $846,332.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of ADVM. OLD Mission Capital LLC acquired a new position in shares of Adverum Biotechnologies in the third quarter worth $164,000. Invesco Ltd. grew its holdings in shares of Adverum Biotechnologies by 54.7% during the second quarter. Invesco Ltd. now owns 39,613 shares of the biotechnology company’s stock worth $138,000 after buying an additional 14,014 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Adverum Biotechnologies by 71,465.5% during the fourth quarter. Wells Fargo & Company MN now owns 39,361 shares of the biotechnology company’s stock valued at $69,000 after buying an additional 39,306 shares during the period. Millennium Management LLC acquired a new stake in Adverum Biotechnologies during the second quarter worth approximately $40,000. Finally, Geode Capital Management LLC grew its stake in Adverum Biotechnologies by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 1,577,526 shares of the biotechnology company’s stock worth $2,776,000 after acquiring an additional 43,597 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

About Adverum Biotechnologies (Get Rating)

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, develops gene therapy product candidates to treat ocular and rare diseases. Its lead product candidate is ADVM-022, a single intravitreal injection gene therapy candidate used for the treatment of patients with chronic retinal, including wet age-related macular degeneration and diabetic macular edema.

See Also

Earnings History for Adverum Biotechnologies (NASDAQ:ADVM)

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