Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Free Report) – Equities researchers at HC Wainwright issued their Q1 2024 earnings per share (EPS) estimates for Adverum Biotechnologies in a research report issued to clients and investors on Tuesday, April 30th. HC Wainwright analyst M. Caufield anticipates that the biotechnology company will post earnings of ($1.23) per share for the quarter. HC Wainwright currently has a “Buy” rating and a $30.00 target price 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.
Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last posted its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, beating the consensus estimate of ($2.80) by $0.50.
Adverum Biotechnologies Stock Performance
Adverum Biotechnologies stock opened at $9.79 on Thursday. The company has a market cap of $203.14 million, a price-to-earnings ratio of -0.84 and a beta of 0.84. Adverum Biotechnologies has a 1 year low of $7.21 and a 1 year high of $29.70. The firm has a 50 day moving average price of $14.78 and a 200 day moving average price of $12.05.
Insider Activity at Adverum Biotechnologies
In other news, Director James Paul Scopa acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was bought at an average cost of $13.50 per share, with a total value of $135,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $135,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.30% of the company’s stock.
Hedge Funds Weigh In On Adverum Biotechnologies
A number of institutional investors have recently made changes to their positions in the business. Apexium Financial LP acquired a new stake in shares of Adverum Biotechnologies during the fourth quarter worth approximately $45,000. Monaco Asset Management SAM grew its holdings in Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after acquiring an additional 20,000 shares in the last quarter. Twin Focus Capital Partners LLC bought a new stake in shares of Adverum Biotechnologies in the 4th quarter worth about $75,000. Worth Venture Partners LLC raised its stake in shares of Adverum Biotechnologies by 136.5% in the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after purchasing an additional 452,678 shares in the last quarter. Finally, Citigroup Inc. acquired a new position in Adverum Biotechnologies in the third quarter worth about $715,000. 48.17% of the stock is owned by institutional investors and hedge funds.
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.
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