Zacks: Brokerages Expect Adverum Biotechnologies, Inc. (NASDAQ:ADVM) to Post -$0.42 Earnings Per Share

Wall Street brokerages expect that Adverum Biotechnologies, Inc. (NASDAQ:ADVM) will announce ($0.42) earnings per share for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have issued estimates for Adverum Biotechnologies’ earnings. The lowest EPS estimate is ($0.43) and the highest is ($0.41). Adverum Biotechnologies posted earnings per share of ($0.39) during the same quarter last year, which would indicate a negative year over year growth rate of 7.7%. The company is scheduled to announce its next earnings report on Monday, March 7th.

According to Zacks, analysts expect that Adverum Biotechnologies will report full year earnings of ($1.58) per share for the current year, with EPS estimates ranging from ($1.62) to ($1.55). For the next financial year, analysts anticipate that the business will report earnings of ($1.48) per share, with EPS estimates ranging from ($1.75) to ($1.30). Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research analysts that follow Adverum Biotechnologies.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Thursday, November 4th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.01).

Several analysts have recently issued reports on ADVM shares. SVB Leerink reiterated a “hold” rating on shares of Adverum Biotechnologies in a research note on Tuesday, October 12th. Royal Bank of Canada reiterated a “hold” rating and issued a $6.00 target price on shares of Adverum Biotechnologies in a research note on Friday, July 30th. Finally, Zacks Investment Research lowered shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Tuesday. Ten analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.91.

ADVM traded up $0.01 during trading on Thursday, hitting $2.03. 514,781 shares of the company’s stock were exchanged, compared to its average volume of 1,984,080. The business’s 50 day moving average is $2.15 and its two-hundred day moving average is $2.71. Adverum Biotechnologies has a fifty-two week low of $1.89 and a fifty-two week high of $14.79. The stock has a market cap of $199.25 million, a P/E ratio of -1.34 and a beta of 1.10.

In related news, Director James Paul Scopa sold 50,000 shares of the stock in a transaction dated Monday, November 15th. The shares were sold at an average price of $2.18, for a total transaction of $109,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.40% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. State Street Corp boosted its position in Adverum Biotechnologies by 81.5% during the second quarter. State Street Corp now owns 9,574,242 shares of the biotechnology company’s stock valued at $33,510,000 after buying an additional 4,300,592 shares during the period. BlackRock Inc. grew its holdings in Adverum Biotechnologies by 10.5% in the second quarter. BlackRock Inc. now owns 7,983,122 shares of the biotechnology company’s stock worth $27,941,000 after purchasing an additional 759,632 shares during the period. RTW Investments LP grew its holdings in shares of Adverum Biotechnologies by 1.7% during the third quarter. RTW Investments LP now owns 7,483,757 shares of the biotechnology company’s stock valued at $16,240,000 after buying an additional 125,840 shares during the last quarter. UBS Group AG grew its holdings in shares of Adverum Biotechnologies by 0.7% during the third quarter. UBS Group AG now owns 3,143,669 shares of the biotechnology company’s stock valued at $6,822,000 after buying an additional 22,343 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Adverum Biotechnologies by 18.5% during the second quarter. JPMorgan Chase & Co. now owns 2,340,336 shares of the biotechnology company’s stock valued at $8,192,000 after acquiring an additional 364,873 shares during the last quarter. Institutional investors own 72.93% of the company’s stock.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc is a clinical-stage gene therapy company that engages in the development of gene therapies for ocular and rare diseases. The company was founded by Mark S. Blumenkranz, Thomas W. Chalberg, Jr., Mitchell H. Finer, and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Redwood City, CA.

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Earnings History and Estimates for Adverum Biotechnologies (NASDAQ:ADVM)

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