Chardan Capital Has Pessimistic View of ADVM FY2024 Earnings

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) – Analysts at Chardan Capital reduced their FY2024 earnings estimates for shares of Adverum Biotechnologies in a research report issued to clients and investors on Tuesday, November 5th. Chardan Capital analyst D. Gataulin now expects that the biotechnology company will post earnings per share of ($4.89) for the year, down from their prior estimate of ($4.07). Chardan Capital has a “Buy” rating and a $40.00 price objective on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($4.64) per share. Chardan Capital also issued estimates for Adverum Biotechnologies’ FY2025 earnings at ($5.20) EPS.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million.

Other analysts also recently issued research reports about the company. Truist Financial decreased their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Royal Bank of Canada decreased their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Adverum Biotechnologies presently has an average rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM opened at $7.90 on Friday. The business’s 50-day simple moving average is $7.40 and its two-hundred day simple moving average is $7.72. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors have recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new stake in Adverum Biotechnologies in the 1st quarter worth about $1,755,000. Avoro Capital Advisors LLC bought a new position in shares of Adverum Biotechnologies during the first quarter valued at approximately $5,892,000. Assenagon Asset Management S.A. raised its holdings in shares of Adverum Biotechnologies by 72.3% in the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after buying an additional 259,191 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Adverum Biotechnologies during the 2nd quarter worth approximately $443,000. Finally, Rhumbline Advisers boosted its holdings in 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 acquiring an additional 30,528 shares during the period. Institutional investors own 48.17% of the company’s stock.

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.