Research Analysts Set Expectations for Adverum Biotechnologies, Inc.’s Q1 2024 Earnings (NASDAQ:ADVM)

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) – Equities research analysts at HC Wainwright issued their Q1 2024 earnings per share estimates for Adverum Biotechnologies in a note issued to investors on Tuesday, April 30th. HC Wainwright analyst M. Caufield forecasts that the biotechnology company will earn ($1.23) per share for the quarter. HC Wainwright has a “Buy” rating and a $30.00 price target on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($5.18) per share. HC Wainwright also issued estimates for Adverum Biotechnologies’ Q2 2024 earnings at ($1.27) EPS, Q3 2024 earnings at ($1.31) EPS, Q4 2024 earnings at ($1.35) EPS, FY2024 earnings at ($5.17) EPS, FY2025 earnings at ($5.75) EPS, FY2026 earnings at ($6.46) EPS, FY2027 earnings at ($7.05) EPS and FY2028 earnings at ($5.14) EPS.

A number of other research firms have also recently issued reports on ADVM. Mizuho cut their price objective on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Chardan Capital restated a “buy” rating and issued a $4.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Finally, StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock opened at $10.43 on Thursday. The stock has a 50-day simple moving average of $14.56 and a 200 day simple moving average of $12.04. The stock has a market capitalization of $216.47 million, a P/E ratio of -0.90 and a beta of 0.89. Adverum Biotechnologies has a 52 week low of $7.40 and a 52 week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, beating analysts’ consensus estimates of ($2.80) by $0.50.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds have recently made changes to their positions in ADVM. Citigroup Inc. bought a new position in Adverum Biotechnologies in the 3rd quarter valued at approximately $715,000. Newtyn Management LLC increased its holdings in shares of Adverum Biotechnologies by 2.5% during the third quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock worth $1,538,000 after buying an additional 25,000 shares in the last quarter. Twin Focus Capital Partners LLC bought a new position in shares of Adverum Biotechnologies in the 4th quarter valued at $75,000. AIGH Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 139.6% during the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock valued at $2,388,000 after acquiring an additional 1,848,834 shares in the last quarter. Finally, Worth Venture Partners LLC grew its position in Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after acquiring an additional 452,678 shares during the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Adverum Biotechnologies news, Director James Paul Scopa bought 10,000 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $135,000. The acquisition was disclosed in a filing with the SEC, which is available at this link. 5.30% of the stock is owned by company insiders.

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.