REDWOOD CITY, Calif. (AP) — REDWOOD CITY, Calif. (AP) — Adverum Biotechnologies Inc. (ADVM) on Thursday reported a loss of $24.8 million in its first quarter.

On a per-share basis, the Redwood City, California-based company said it had a loss of $1.50.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of $1.28 per share.

Adverum Biotechnologies shares have risen 28% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $9.61, an increase of 19% in the last 12 months.

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