HC Wainwright Issues Pessimistic Forecast for ADVM Earnings

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) – HC Wainwright lowered their FY2024 earnings per share (EPS) estimates for Adverum Biotechnologies in a research report issued on Tuesday, November 5th. HC Wainwright analyst M. Caufield now expects that the biotechnology company will earn ($5.04) per share for the year, down from their previous forecast of ($4.97). 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 ($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.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its 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 during the quarter, compared to analyst estimates of $0.50 million.

ADVM has been the topic of several other reports. Chardan Capital upped their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Truist Financial cut 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. Royal Bank of Canada decreased their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday. Finally, StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Adverum Biotechnologies currently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Stock Performance

ADVM stock opened at $7.90 on Thursday. The firm has a 50 day simple moving average of $7.40 and a 200 day simple moving average of $7.72. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70.

Hedge Funds Weigh In On Adverum Biotechnologies

Several large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in shares of Adverum Biotechnologies during the 3rd quarter worth about $74,000. Rhumbline Advisers boosted its holdings in Adverum Biotechnologies by 10,419.1% during the second 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 bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter valued at 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 buying an additional 81,808 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of Adverum Biotechnologies during the 1st quarter worth approximately $1,755,000. Institutional investors and hedge funds 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.