Cantor Fitzgerald Comments on Adverum Biotechnologies Inc’s FY2019 Earnings (ADVM)

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Adverum Biotechnologies Inc (NASDAQ:ADVM) – Research analysts at Cantor Fitzgerald lifted their FY2019 earnings per share estimates for shares of Adverum Biotechnologies in a note issued to investors on Monday, March 11th. Cantor Fitzgerald analyst C. Duncan now forecasts that the biotechnology company will post earnings per share of ($1.13) for the year, up from their prior estimate of ($1.48).

Other analysts also recently issued research reports about the company. Zacks Investment Research upgraded Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $5.25 price target for the company in a research report on Tuesday. BidaskClub upgraded Adverum Biotechnologies from a “hold” rating to a “buy” rating in a research report on Wednesday, March 6th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $6.55.

Shares of ADVM opened at $5.33 on Thursday. The stock has a market cap of $305.89 million, a PE ratio of -4.52 and a beta of 3.13. Adverum Biotechnologies has a 12-month low of $2.62 and a 12-month high of $8.05.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Wednesday, March 6th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.04. The firm had revenue of $0.07 million during the quarter, compared to the consensus estimate of $0.39 million. Adverum Biotechnologies had a negative return on equity of 30.18% and a negative net margin of 4,505.40%.

A number of large investors have recently added to or reduced their stakes in ADVM. RTW Investments LP lifted its position in Adverum Biotechnologies by 3,285.4% in the 4th quarter. RTW Investments LP now owns 6,256,840 shares of the biotechnology company’s stock worth $19,709,000 after buying an additional 6,072,019 shares during the last quarter. WS Management Lllp bought a new stake in Adverum Biotechnologies in the 3rd quarter worth approximately $6,958,000. BlackRock Inc. lifted its position in Adverum Biotechnologies by 20.4% in the 4th quarter. BlackRock Inc. now owns 4,443,970 shares of the biotechnology company’s stock worth $14,000,000 after buying an additional 753,735 shares during the last quarter. Northern Trust Corp lifted its position in Adverum Biotechnologies by 480.2% in the 2nd quarter. Northern Trust Corp now owns 579,244 shares of the biotechnology company’s stock worth $3,070,000 after buying an additional 479,406 shares during the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in Adverum Biotechnologies in the 3rd quarter worth approximately $2,292,000. Institutional investors own 60.38% of the company’s stock.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.

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