Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Braden Michael Leonard Buys 19,566 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard bought 19,566 shares of the company’s stock in a transaction on Monday, March 31st. The shares were acquired at an average price of $4.38 per share, with a total value of $85,699.08. Following the transaction, the insider now directly owns 2,742,317 shares of the company’s stock, valued at approximately $12,011,348.46. This trade represents a 0.72 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more 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 Wednesday, April 2nd, Braden Michael Leonard purchased 15,209 shares of Adverum Biotechnologies stock. The shares were acquired at an average cost of $4.04 per share, with a total value of $61,444.36.
• On Wednesday, March 26th, Braden Michael Leonard acquired 20,407 shares of Adverum Biotechnologies stock. The stock was acquired at an average cost of $5.04 per share, for a total transaction of $102,851.28.
• On Thursday, March 20th, Braden Michael Leonard bought 30,600 shares of Adverum Biotechnologies stock. The shares were 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 purchased 62,341 shares of Adverum Biotechnologies stock. The stock was bought at an average price of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM opened at $4.26 on Thursday. Adverum Biotechnologies, Inc. has a 1-year low of $3.52 and a 1-year high of $14.16. The company has a 50-day moving average of $4.48 and a 200 day moving average of $5.71. The firm has a market cap of $88.62 million, a PE ratio of -0.71 and a beta of 1.14.

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds have recently modified their holdings of the business. Regeneron Pharmaceuticals Inc. bought a new position in Adverum Biotechnologies in the fourth quarter worth approximately $845,000. Dimensional Fund Advisors LP raised its position in shares of Adverum Biotechnologies by 50.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock worth $1,452,000 after acquiring an additional 104,262 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Adverum Biotechnologies by 249.6% during the 4th quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock worth $605,000 after purchasing an additional 92,533 shares during the last quarter. State Street Corp lifted its stake in shares of Adverum Biotechnologies by 32.7% during the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after purchasing an additional 91,112 shares during the last quarter. Finally, Trexquant Investment LP boosted its position in Adverum Biotechnologies by 167.9% during the fourth quarter. Trexquant Investment LP now owns 95,997 shares of the biotechnology company’s stock valued at $448,000 after purchasing an additional 60,163 shares in the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, 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.