The stock of Adverum Biotechnologies Inc (NASDAQ:ADVM) hit a new 52-week low and has $2.49 target or 11.00% below today’s $2.80 share price. The 9 months bearish chart indicates high risk for the $117.74M company. The 1-year low was reported on Nov, 4 by Barchart.com. If the $2.49 price target is reached, the company will be worth $12.95M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 32,600 shares traded hands. Adverum Biotechnologies Inc (NASDAQ:ADVM) has declined 47.32% since April 4, 2016 and is downtrending. It has underperformed by 48.41% the S&P500.
Analysts await Adverum Biotechnologies Inc (NASDAQ:ADVM) to report earnings on November, 14. They expect $-0.28 earnings per share, up 49.09% or $0.27 from last year’s $-0.55 per share. After $-0.36 actual earnings per share reported by Adverum Biotechnologies Inc for the previous quarter, Wall Street now forecasts -22.22% EPS growth.
According to Zacks Investment Research, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California.”
More news for Adverum Biotechnologies Inc (NASDAQ:ADVM) were recently published by: Nasdaq.com, which released: “Adverum Biotechnologies, Inc. Announces New Executive Chair and CEO” on October 14, 2016. Reuters.com‘s article titled: “BRIEF-Adverum biotechnologies, inc. announces new executive chair and CEO” and published on October 14, 2016 is yet another important article.
ADVM Company Profile
Adverum Biotechnologies, Inc., formerly Avalanche Biotechnologies, Inc., incorporated on July 17, 2006, is a gene therapy company. The Firm is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Firm operates and manages its business in the segment of developing and commercializing gene therapeutics. The Firm is focused on diseases with unmet medical need, including ophthalmic diseases, such as wet age-related macular degeneration (AMD), as well as rare genetic diseases. The Company’s product candidates include AVA-101 and AVA-201 for treatment of Wet AMD; AVA-322 and AVA-323 for the treatment of Color Vision Deficiency, and AVA-311 for the treatment of Juvenile X-linked Retinoschisis (XLRS). It generated human proof-of-concept data for AVA-101 in a Phase I trial with over eight wet AMD subjects conducted at Lions Eye Institute (LEI) in Australia.
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