Research Analysts Set Expectations for ADVM FY2024 Earnings

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) – Research analysts at Chardan Capital decreased their FY2024 earnings per share (EPS) estimates for shares of Adverum Biotechnologies in a report issued on Tuesday, November 5th. Chardan Capital analyst D. Gataulin now expects that the biotechnology company will post earnings of ($4.89) per share for the year, down from their previous estimate of ($4.07). Chardan Capital currently has a “Buy” rating and a $40.00 price target on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($4.77) per share. Chardan Capital also issued estimates for Adverum Biotechnologies’ FY2025 earnings at ($5.20) EPS.

Several other analysts also recently issued reports on ADVM. Truist Financial decreased their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Royal Bank of Canada lowered their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Finally, StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock opened at $8.00 on Friday. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70. The company’s fifty day moving average price is $7.42 and its two-hundred day moving average price is $7.69.

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

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Picton Mahoney Asset Management bought a new stake in Adverum Biotechnologies in the 1st quarter valued at $1,755,000. Assenagon Asset Management S.A. grew its position in 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. Marshall Wace LLP increased its stake in Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after acquiring an additional 70,768 shares during the period. Dimensional Fund Advisors LP increased its stake in Adverum Biotechnologies by 741.8% during the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after acquiring an additional 196,884 shares during the period. Finally, Squarepoint Ops LLC raised its holdings in Adverum Biotechnologies by 301.1% in the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after acquiring an additional 81,808 shares in the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

About Adverum Biotechnologies

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.