Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Buys $102,851.28 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 20,407 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, March 26th. The stock was bought at an average price of $5.04 per share, with a total value of $102,851.28. Following the acquisition, the insider now directly owns 125,207 shares of the company’s stock, valued at approximately $631,043.28. This trade represents a 19.47 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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 stock was bought at an average cost of $5.61 per share, for a total transaction of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard bought 62,341 shares of Adverum Biotechnologies stock. The shares were purchased at an average price of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock traded down $0.08 during mid-day trading on Thursday, reaching $4.96. The company’s stock had a trading volume of 130,314 shares, compared to its average volume of 252,706. Adverum Biotechnologies, Inc. has a 12 month low of $3.52 and a 12 month high of $14.82. The business’s 50 day simple moving average is $4.49 and its 200 day simple moving average is $5.79. The company has a market capitalization of $103.18 million, a price-to-earnings ratio of -0.83 and a beta of 1.14.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Hedge Funds Weigh In On Adverum Biotechnologies

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets increased its position in shares of Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 2,649 shares during the last quarter. Wells Fargo & Company MN grew its stake in Adverum Biotechnologies by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after purchasing an additional 2,659 shares in the last quarter. Captrust Financial Advisors acquired a new position in shares of Adverum Biotechnologies during the 3rd quarter worth approximately $71,000. American Century Companies Inc. raised its stake in shares of Adverum Biotechnologies by 36.6% during 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 in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings 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 valued at $88,000 after buying an additional 7,089 shares during the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.