Adverum Biotechnologies (ADVM) Reports Q3 Loss, Tops Revenue Estimates

Core Viewpoint - Adverum Biotechnologies reported a quarterly loss of $1.30 per share, which was worse than the Zacks Consensus Estimate of a loss of $1.20, but an improvement from a loss of $3.30 per share a year ago [1][2] Financial Performance - The company posted revenues of $1 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 100%, compared to zero revenues a year ago [2] - Over the last four quarters, Adverum has surpassed consensus EPS estimates two times [2] - The current consensus EPS estimate for the upcoming quarter is -$1.20 on revenues of $0.53 million, and for the current fiscal year, it is -$4.64 on revenues of $1.03 million [7] Stock Performance - Adverum shares have declined approximately 1.6% since the beginning of the year, while the S&P 500 has gained 20.1% [3] - The stock currently holds a Zacks Rank of 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Industry Outlook - The Medical - Biomedical and Genetics industry, to which Adverum belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]