Adverum Biotechnologies, Inc. (ADVM) Expected to Announce Earnings of -$0.29 Per Share
Equities analysts expect that Adverum Biotechnologies, Inc. (NASDAQ:ADVM) will announce earnings per share of ($0.29) for the current quarter, Zacks reports. Zero analysts have issued estimates for Adverum Biotechnologies’ earnings. Adverum Biotechnologies reported earnings of ($0.35) per share in the same quarter last year, which would indicate a positive year over year growth rate of 17.1%. The firm is expected to announce its next earnings report on Tuesday, November 14th.
On average, analysts expect that Adverum Biotechnologies will report full year earnings of ($1.30) per share for the current year. For the next year, analysts forecast that the business will report earnings of ($2.04) per share, with EPS estimates ranging from ($2.83) to ($1.25). Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for Adverum Biotechnologies.
ADVM has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. ValuEngine lowered shares of Adverum Biotechnologies from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Finally, Chardan Capital reaffirmed a “hold” rating and issued a $3.50 target price on shares of Adverum Biotechnologies in a report on Tuesday, September 5th.
Shares of Adverum Biotechnologies (NASDAQ:ADVM) traded down 2.56% during mid-day trading on Tuesday, hitting $3.80. 316,217 shares of the stock traded hands. Adverum Biotechnologies has a 1-year low of $2.40 and a 1-year high of $4.55. The company’s 50-day moving average price is $2.59 and its 200 day moving average price is $2.68. The company’s market capitalization is $164.49 million.
Hedge funds have recently bought and sold shares of the company. Parametric Portfolio Associates LLC lifted its holdings in shares of Adverum Biotechnologies by 81.5% during the first quarter. Parametric Portfolio Associates LLC now owns 53,218 shares of the biotechnology company’s stock valued at $144,000 after purchasing an additional 23,898 shares in the last quarter. California Public Employees Retirement System increased its holdings in Adverum Biotechnologies by 126.7% in the 1st quarter. California Public Employees Retirement System now owns 117,900 shares of the biotechnology company’s stock worth $318,000 after buying an additional 65,900 shares in the last quarter. Primecap Management Co. CA increased its holdings in Adverum Biotechnologies by 3.5% in the 1st quarter. Primecap Management Co. CA now owns 440,400 shares of the biotechnology company’s stock worth $1,189,000 after buying an additional 14,800 shares in the last quarter. AWM Investment Company Inc. bought a new stake in Adverum Biotechnologies in the 1st quarter worth about $540,000. Finally, Renaissance Technologies LLC increased its holdings in Adverum Biotechnologies by 17.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,141,977 shares of the biotechnology company’s stock worth $3,083,000 after buying an additional 172,277 shares in the last quarter. Hedge funds and other institutional investors own 30.07% of the company’s stock.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.
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