Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Braden Michael Leonard Acquires 20,407 Shares

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 20,407 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were bought at an average price of $5.04 per share, for a total transaction of $102,851.28. Following the acquisition, the insider now owns 125,207 shares in the company, valued at approximately $631,043.28. This trade represents a 19.47 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major 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 bought 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 purchased 62,341 shares of Adverum Biotechnologies stock. The stock was purchased at an average price of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Stock Down 7.1 %

Adverum Biotechnologies stock opened at $4.61 on Friday. Adverum Biotechnologies, Inc. has a 12 month low of $3.52 and a 12 month high of $14.21. The stock has a market cap of $95.90 million, a P/E ratio of -0.77 and a beta of 1.14. The company’s fifty day simple moving average is $4.50 and its 200-day simple moving average is $5.78.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its holdings in shares of Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares during the last quarter. Captrust Financial Advisors acquired a new stake in Adverum Biotechnologies in the third quarter valued at approximately $71,000. Wells Fargo & Company MN grew its position 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 worth $57,000 after acquiring an additional 2,659 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 7,089 shares during the last quarter. Finally, Zacks Investment Management bought a new position in shares of Adverum Biotechnologies during the 3rd quarter valued at $89,000. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Analyst Ratings Changes

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