FY2024 Earnings Forecast for ADVM Issued By Chardan Capital

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) - Stock analysts at Chardan Capital decreased their FY2024 EPS estimates for shares of Adverum Biotechnologies in a research report issued to clients and investors on Tuesday, November 5th. Chardan Capital analyst D. Gataulin now expects that the biotechnology company will post earnings per share of ($4.89) for the year, down from their previous forecast of ($4.07). Chardan Capital has a "Buy" rating and a $40.00 price objective on the stock. The consensus estimate for Adverum Biotechnologies' current full-year earnings is ($4.64) per share. Chardan Capital also issued estimates for Adverum Biotechnologies' FY2025 earnings at ($5.20) EPS.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) 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 business had revenue of $1.00 million for the quarter, compared to analysts' expectations of $0.50 million.

Several other analysts have also recently weighed in on the stock. StockNews.com cut shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Wednesday. Royal Bank of Canada lowered 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 report on Tuesday. HC Wainwright restated a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Finally, Truist Financial lowered their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $27.83.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM traded up $0.10 during trading hours on Friday, hitting $8.00. The stock had a trading volume of 126,193 shares, compared to its average volume of 277,510. The company has a 50 day simple moving average of $7.42 and a two-hundred day simple moving average of $7.69. The firm has a market capitalization of $166.40 million, a price-to-earnings ratio of -1.34 and a beta of 1.02. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of large investors have recently added to or reduced their stakes in the business. BML Capital Management LLC raised its position in Adverum Biotechnologies by 15.4% in the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company's stock worth $15,922,000 after purchasing an additional 302,064 shares during the period. Assenagon Asset Management S.A. raised its position in Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company's stock worth $4,239,000 after purchasing an additional 259,191 shares during the period. Avoro Capital Advisors LLC purchased a new position in Adverum Biotechnologies in the 1st quarter worth $5,892,000. Dimensional Fund Advisors LP raised its position in Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company's stock worth $1,533,000 after purchasing an additional 196,884 shares during the period. Finally, Marshall Wace LLP raised its position in Adverum Biotechnologies by 52.9% in the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company's stock worth $1,404,000 after purchasing an additional 70,768 shares during the period. Hedge funds and other institutional investors 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.