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.