MENLO PARK, Calif. (AP) — Adverum Biotechnologies Inc. (ADVM) on Wednesday reported a loss of $14.5 million in its first quarter.

The Menlo Park, California-based company said it had a loss of 23 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 28 cents per share.

Adverum Biotechnologies shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.41, an increase of 15% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADVM at https://www.zacks.com/ap/ADVM

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