Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Braden Michael Leonard Buys 135,546 Shares

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 135,546 shares of the stock in a transaction dated Wednesday, July 17th. The stock was bought at an average price of $7.75 per share, for a total transaction of $1,050,481.50. Following the completion of the purchase, the insider now owns 2,101,546 shares in the company, valued at approximately $16,286,981.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Adverum Biotechnologies Stock Performance

ADVM traded up $0.70 during midday trading on Thursday, hitting $9.48. The company had a trading volume of 1,197,326 shares, compared to its average volume of 319,397. Adverum Biotechnologies, Inc. has a twelve month low of $6.38 and a twelve month high of $29.70. The firm’s 50-day simple moving average is $7.68 and its 200-day simple moving average is $11.72. The company has a market capitalization of $196.78 million, a PE ratio of -0.93 and a beta of 1.07.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.28) by ($0.22). As a group, sell-side analysts anticipate that Adverum Biotechnologies, Inc. will post -5.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. raised its position in shares of Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after acquiring an additional 259,191 shares during the period. Avoro Capital Advisors LLC acquired a new stake in Adverum Biotechnologies during the 1st quarter worth $5,892,000. Picton Mahoney Asset Management bought a new position in Adverum Biotechnologies during the first quarter worth about $1,755,000. Vivo Capital LLC acquired a new position in Adverum Biotechnologies in the first quarter valued at about $21,210,000. Finally, Twin Focus Capital Partners LLC acquired a new stake in shares of Adverum Biotechnologies during the fourth quarter worth about $75,000. Institutional investors own 48.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research report on Friday, May 10th. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Monday, May 27th. Truist Financial restated a “buy” rating and issued a $60.00 price target on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. Mizuho dropped their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 29th. Finally, Chardan Capital boosted their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.40.

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.