Braden Michael Leonard Buys 30,600 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard bought 30,600 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $5.61 per share, with a total value of $171,666.00. Following the transaction, the insider now directly owns 2,722,761 shares in the company, valued at approximately $15,274,689.21. This represents a 1.14 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major 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 Tuesday, March 18th, Braden Michael Leonard purchased 62,341 shares of Adverum Biotechnologies stock. The stock was purchased at an average cost of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Price Performance

ADVM stock opened at $5.60 on Friday. The company has a market cap of $116.49 million, a P/E ratio of -0.93 and a beta of 1.14. The stock’s fifty day moving average price is $4.42 and its 200-day moving average price is $5.85. Adverum Biotechnologies, Inc. has a 1 year low of $3.52 and a 1 year high of $17.65.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One equities 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of hedge funds have recently made changes to their positions in ADVM. BNP Paribas Financial Markets increased its holdings 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 worth $29,000 after purchasing an additional 2,649 shares during the last quarter. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies during the third quarter valued at $71,000. Wells Fargo & Company MN boosted its holdings in shares of 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 during the period. MetLife Investment Management LLC increased its stake in shares of Adverum Biotechnologies by 129.1% during the third 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 period. Finally, Zacks Investment Management bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter valued at about $89,000. 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.