Avalo Therapeutics (NASDAQ:AVTX) Issues Quarterly Earnings Results, Misses Estimates By $0.49 EPS

Key Points

• Avalo Therapeutics reported a significantly wider loss of ($1.92) EPS for the quarter, missing analysts' estimates by $0.49.
• Despite the earnings miss, Avalo's stock rose 6.9% to $8.93, following a trading volume that exceeded its average.
• HC Wainwright upgraded Avalo Therapeutics from a "hold" to a "buy" rating, with a target price of $15.00, amid positive analyst sentiment.

Avalo Therapeutics (NASDAQ:AVTX - Get Free Report) announced its earnings results on Thursday. The company reported ($1.92) earnings per share for the quarter, missing the consensus estimate of ($1.43) by ($0.49), Zacks reports.

Avalo Therapeutics Stock Up 6.9%

Shares of AVTX stock traded up $0.58 during trading hours on Friday, hitting $8.93. The company's stock had a trading volume of 392,428 shares, compared to its average volume of 284,396. The company has a 50 day moving average of $5.59 and a 200 day moving average of $6.00. Avalo Therapeutics has a 12-month low of $3.39 and a 12-month high of $16.00.

Hedge Funds Weigh In On Avalo Therapeutics

An institutional investor recently raised its position in Avalo Therapeutics stock. Geode Capital Management LLC grew its stake in Avalo Therapeutics, Inc. (NASDAQ:AVTX - Free Report) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 110,460 shares of the company's stock after buying an additional 2,648 shares during the quarter. Geode Capital Management LLC owned 1.02% of Avalo Therapeutics worth $552,000 as of its most recent SEC filing. Institutional investors and hedge funds own 87.06% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright upgraded Avalo Therapeutics from a "hold" rating to a "buy" rating and set a $15.00 target price on the stock in a research note on Monday, June 2nd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avalo Therapeutics currently has an average rating of "Buy" and an average target price of $30.00.

Avalo Therapeutics Company Profile

Avalo Therapeutics, Inc, a clinical stage biotechnology company, focuses on the development of therapies for the treatment of immune dysregulation in the Unites States. The company's drug candidates include AVTX-009, an Anti-IL-1ß monoclonal antibody which is under Phase I targeting inflammatory diseases; and AVTX-008, a fully human B and T lymphocyte attenuator agonist fusion protein for the treatment of immune dysregulation disorders.

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