HC Wainwright Issues Pessimistic Forecast for ADVM Earnings

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) – Research analysts at HC Wainwright dropped their FY2024 earnings per share estimates for shares of Adverum Biotechnologies in a research report issued on Tuesday, November 5th. HC Wainwright analyst M. Caufield now anticipates that the biotechnology company will post earnings per share of ($5.04) for the year, down from their prior estimate of ($4.97). HC Wainwright has a “Buy” rating and a $30.00 price objective on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($4.64) per share. HC Wainwright also issued estimates for Adverum Biotechnologies’ Q4 2024 earnings at ($1.40) EPS, FY2025 earnings at ($5.59) EPS, FY2026 earnings at ($6.55) EPS, FY2027 earnings at ($7.18) EPS and FY2028 earnings at ($6.38) EPS.

ADVM has been the topic of several other research reports. Truist Financial cut their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Royal Bank of Canada dropped their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Chardan Capital increased their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Stock Up 1.3 %

Shares of Adverum Biotechnologies stock opened at $8.00 on Thursday. The firm has a market cap of $166.40 million, a PE ratio of -1.34 and a beta of 1.02. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70. The business’s fifty day simple moving average is $7.42 and its 200-day simple moving average is $7.69.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million.

Institutional Trading of Adverum Biotechnologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Picton Mahoney Asset Management acquired a new position in Adverum Biotechnologies during the 1st quarter worth approximately $1,755,000. Avoro Capital Advisors LLC purchased a new position in shares of Adverum Biotechnologies during the 1st quarter valued at approximately $5,892,000. Assenagon Asset Management S.A. grew its position in shares of Adverum Biotechnologies by 72.3% during the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after buying an additional 259,191 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Adverum Biotechnologies in the second quarter worth $443,000. Finally, Rhumbline Advisers raised its holdings in Adverum Biotechnologies by 10,419.1% in the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares in the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Company Profile

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.