MENLO PARK, Calif. (AP) _ Adverum Biotechnologies Inc. (ADVM) on Thursday reported a loss of $16.1 million in its third quarter.
On a per-share basis, the Menlo Park, California-based company said it had a loss of 25 cents.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 27 cents per share.
The gene therapy company posted revenue of $250,000 in the period.
Adverum Biotechnologies shares have more than doubled since the beginning of the year. In the final minutes of trading on Thursday, shares hit $8.14, more than doubling in the last 12 months.