Insider Buying: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Buys $85,699.08 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 19,566 shares of Adverum Biotechnologies stock in a transaction on Monday, March 31st. The stock was bought at an average price of $4.38 per share, for a total transaction of $85,699.08. Following the transaction, the insider now directly owns 2,742,317 shares in the company, valued at approximately $12,011,348.46. The trade was a 0.72 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 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 Wednesday, April 2nd, Braden Michael Leonard acquired 15,209 shares of Adverum Biotechnologies stock. The stock was bought at an average cost of $4.04 per share, for a total transaction of $61,444.36.
• On Wednesday, March 26th, Braden Michael Leonard purchased 20,407 shares of Adverum Biotechnologies stock. The shares were 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 acquired 30,600 shares of Adverum Biotechnologies stock. The stock was purchased 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 stock was purchased at an average price of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Trading Down 2.0 %

Shares of NASDAQ ADVM opened at $3.86 on Friday. The firm has a market capitalization of $80.30 million, a P/E ratio of -0.64 and a beta of 1.14. The firm’s 50-day moving average price is $4.46 and its 200-day moving average price is $5.67. Adverum Biotechnologies, Inc. has a 1-year low of $3.52 and a 1-year high of $13.40.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

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

Adverum Biotechnologies Company Profile

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.