Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Buys $292,379.29 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 62,341 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $292,379.29. Following the completion of the transaction, the insider now directly owns 2,667,161 shares in the company, valued at $12,508,985.09. The trade was a 2.39 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Braden Michael Leonard also recently made the following trade(s):

• On Thursday, March 20th, Braden Michael Leonard acquired 30,600 shares of Adverum Biotechnologies stock. The shares were purchased at an average cost of $5.61 per share, for a total transaction of $171,666.00.

Adverum Biotechnologies Stock Performance

ADVM opened at $5.10 on Friday. The stock has a market capitalization of $106.09 million, a P/E ratio of -0.85 and a beta of 1.14. The company’s 50-day simple moving average is $4.43 and its two-hundred day simple moving average is $5.84. Adverum Biotechnologies, Inc. has a 52-week low of $3.52 and a 52-week high of $16.48.

Hedge Funds Weigh In On Adverum Biotechnologies

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its stake in shares of Adverum Biotechnologies by 177.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 2,649 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after purchasing an additional 2,659 shares during the period. Captrust Financial Advisors bought a new position in shares of Adverum Biotechnologies in the 3rd quarter worth approximately $71,000. American Century Companies Inc. lifted its stake in shares of Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 4,362 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in shares of Adverum Biotechnologies by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 7,089 shares during the period. Institutional investors own 48.17% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $27.83.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.