Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Braden Michael Leonard Buys 15,209 Shares

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 15,209 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was bought at an average cost of $4.04 per share, with a total value of $61,444.36. Following the completion of the purchase, the insider now owns 2,757,526 shares of the company’s stock, valued at $11,140,405.04. This represents a 0.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, March 31st, Braden Michael Leonard bought 19,566 shares of Adverum Biotechnologies stock. The shares were purchased at an average price of $4.38 per share, for a total transaction of $85,699.08.
• On Wednesday, March 26th, Braden Michael Leonard acquired 20,407 shares of Adverum Biotechnologies stock. The stock was purchased at an average price of $5.04 per share, with a total value of $102,851.28.
• On Thursday, March 20th, Braden Michael Leonard purchased 30,600 shares of Adverum Biotechnologies stock. The stock was acquired at an average price of $5.61 per share, with a total value of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard bought 62,341 shares of Adverum Biotechnologies stock. The shares were acquired at an average cost of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Stock Up 11.2 %

Shares of NASDAQ ADVM opened at $4.26 on Thursday. The firm’s 50-day moving average price is $4.48 and its 200-day moving average price is $5.71. Adverum Biotechnologies, Inc. has a 52-week low of $3.52 and a 52-week high of $14.16. The company has a market cap of $88.62 million, a PE ratio of -0.71 and a beta of 1.14.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of large investors have recently added to or reduced their stakes in ADVM. Millennium Management LLC grew its holdings in shares of Adverum Biotechnologies by 46.5% in the fourth quarter. Millennium Management LLC now owns 42,847 shares of the biotechnology company’s stock worth $200,000 after acquiring an additional 13,608 shares during the period. D. E. Shaw & Co. Inc. bought a new stake in shares of Adverum Biotechnologies during the 4th quarter valued at about $222,000. Corton Capital Inc. purchased a new stake in shares of Adverum Biotechnologies during the 4th quarter valued at about $153,000. Bank of America Corp DE lifted its stake in shares of Adverum Biotechnologies by 16.3% in the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 6,094 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Adverum Biotechnologies by 50.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock worth $1,452,000 after buying an additional 104,262 shares during the last quarter. Institutional investors own 48.17% of the company’s stock.

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.