Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) announced its earnings results on Tuesday. The biotechnology company reported ($1.96) EPS for the quarter, missing the consensus estimate of ($1.34) by ($0.62), Zacks reports.
Adverum Biotechnologies Price Performance
ADVM stock traded down $0.05 during midday trading on Friday, reaching $2.93. The company had a trading volume of 307,558 shares, compared to its average volume of 257,508. Adverum Biotechnologies has a 1-year low of $2.75 and a 1-year high of $11.87. The stock has a 50 day moving average price of $4.21 and a 200-day moving average price of $5.37. The company has a market capitalization of $60.95 million, a price-to-earnings ratio of -0.49 and a beta of 1.10.
Analysts Set New Price Targets
ADVM has been the subject of a number of research analyst reports. Chardan Capital reduced their price objective on Adverum Biotechnologies from $40.00 to $33.00 and set a "buy" rating for the company in a report on Thursday. HC Wainwright restated a "buy" rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Wednesday. Finally, Royal Bank of Canada lowered their price objective on Adverum Biotechnologies from $10.00 to $5.00 and set a "sector perform" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $25.83.
Read Our Latest Stock Report on ADVM
Insiders Place Their Bets
In related news, major shareholder Braden Michael Leonard purchased 15,209 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, April 2nd. The shares were bought at an average cost of $4.04 per share, for a total transaction of $61,444.36. Following the purchase, the insider now owns 2,757,526 shares in the company, valued at approximately $11,140,405.04. This trade represents a 0.55 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 148,123 shares of company stock worth $714,040 over the last ninety days. Corporate insiders own 4.20% of the company's stock.
About Adverum Biotechnologies
(
Get Free Report)
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.
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