Insider Buying: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Purchases 15,209 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 15,209 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, April 2nd. The stock was purchased at an average cost of $4.04 per share, with a total value of $61,444.36. Following the completion of the purchase, the insider now owns 2,757,526 shares of the company’s stock, valued at approximately $11,140,405.04. This represents a 0.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 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 Monday, March 31st, Braden Michael Leonard purchased 19,566 shares of Adverum Biotechnologies stock. The stock was acquired at an average price of $4.38 per share, with a total value of $85,699.08.
• On Wednesday, March 26th, Braden Michael Leonard acquired 20,407 shares of Adverum Biotechnologies stock. The stock was acquired at an average cost of $5.04 per share, with a total value of $102,851.28.
• On Thursday, March 20th, Braden Michael Leonard bought 30,600 shares of Adverum Biotechnologies stock. The shares were acquired at an average price of $5.61 per share, with a total value of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard purchased 62,341 shares of Adverum Biotechnologies stock. The stock was acquired at an average price of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Stock Up 11.2 %

Adverum Biotechnologies stock opened at $4.26 on Thursday. The company’s 50-day moving average price is $4.48 and its 200-day moving average price is $5.71. The company has a market cap of $88.62 million, a PE ratio of -0.71 and a beta of 1.14. Adverum Biotechnologies, Inc. has a twelve month low of $3.52 and a twelve month high of $14.16.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Regeneron Pharmaceuticals Inc. bought a new position in Adverum Biotechnologies during the 4th quarter valued at about $845,000. Dimensional Fund Advisors LP boosted its position in shares of Adverum Biotechnologies by 50.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock valued at $1,452,000 after buying an additional 104,262 shares during the period. Renaissance Technologies LLC grew its stake in shares of Adverum Biotechnologies by 249.6% during the fourth quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock valued at $605,000 after buying an additional 92,533 shares during the last quarter. State Street Corp raised its holdings in shares of Adverum Biotechnologies by 32.7% in 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 period. Finally, Trexquant Investment LP raised its holdings 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 worth $448,000 after buying an additional 60,163 shares during the period. 48.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.