Adverum Biotechnologies: 3Q Earnings Snapshot
MENLO PARK, Calif. (AP) _ Adverum Biotechnologies Inc. (ADVM) on Thursday reported a loss of $21 million in its third quarter.
On a per-share basis, the Menlo Park, California-based company said it had a loss of 34 cents. Losses, adjusted for asset impairment costs, were 26 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 30 cents per share.
The gene therapy company posted revenue of $833,000 in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $273,000.
In the final minutes of trading on Thursday, the company’s shares hit $3.74. A year ago, they were trading at $3.