HC Wainwright Has Negative Estimate for ADVM FY2024 Earnings

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) - Analysts at HC Wainwright decreased their FY2024 EPS estimates for Adverum Biotechnologies in a research note 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 forecast 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.

A number of other research analysts have also issued reports on the stock. Chardan Capital boosted their target price on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, July 18th. Truist Financial decreased their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, August 14th. Royal Bank of Canada cut their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a "sector perform" rating on the stock in a research note on Tuesday. Finally, StockNews.com cut Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Adverum Biotechnologies currently has an average rating of "Moderate Buy" and a consensus price target of $27.83.

Adverum Biotechnologies Stock Performance

Shares of ADVM traded down $0.04 during midday trading on Thursday, hitting $7.90. 110,610 shares of the stock traded hands, compared to its average volume of 278,210. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70. The business's 50 day moving average price is $7.40 and its two-hundred day moving average price is $7.72. The firm has a market capitalization of $164.33 million, a PE ratio of -0.99 and a beta of 1.02.

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

Hedge Funds Weigh In On Adverum Biotechnologies

Several hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Adverum Biotechnologies in the third quarter valued at $74,000. Rhumbline Advisers boosted its position in shares of Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company's stock valued at $211,000 after purchasing an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $443,000. Squarepoint Ops LLC raised its holdings in shares of Adverum Biotechnologies by 301.1% in the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company's stock worth $748,000 after purchasing an additional 81,808 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company's stock worth $935,000 after purchasing an additional 3,169 shares in the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.