Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Braden Michael Leonard Purchases 62,341 Shares

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard bought 62,341 shares of the business’s stock in a transaction on Tuesday, March 18th. The stock was bought at an average cost of $4.69 per share, with a total value of $292,379.29. Following the transaction, the insider now owns 2,667,161 shares in the company, valued at $12,508,985.09. This trade represents a 2.39 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases 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 bought at an average cost of $5.61 per share, with a total value of $171,666.00.

Adverum Biotechnologies Price Performance

Shares of ADVM stock opened at $5.10 on Friday. Adverum Biotechnologies, Inc. has a 1 year low of $3.52 and a 1 year high of $16.44. The firm has a fifty day moving average price of $4.43 and a 200-day moving average price of $5.83. The company has a market cap of $106.09 million, a price-to-earnings ratio of -0.85 and a beta of 1.14.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds have recently modified their holdings of ADVM. Regeneron Pharmaceuticals Inc. bought a new stake in shares of Adverum Biotechnologies during the 4th quarter valued at $845,000. Dimensional Fund Advisors LP grew its position in shares of 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 acquiring an additional 104,262 shares during the period. Renaissance Technologies LLC grew its position 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 valued at $605,000 after acquiring an additional 92,533 shares during the period. State Street Corp grew its position 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 valued at $2,595,000 after acquiring an additional 91,112 shares during the period. Finally, Trexquant Investment LP grew its position in shares of Adverum Biotechnologies by 167.9% during the 4th quarter. Trexquant Investment LP now owns 95,997 shares of the biotechnology company’s stock valued at $448,000 after acquiring an additional 60,163 shares during the period. Institutional investors own 48.17% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of 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 issued a buy rating to the stock. Based on data from MarketBeat, Adverum Biotechnologies has a consensus 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.