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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 62,341 shares of the business’s stock in a transaction dated Tuesday, March 18th. The stock was acquired at an average cost of $4.69 per share, with a total value of $292,379.29. Following the purchase, the insider now directly owns 2,667,161 shares in the company, valued at $12,508,985.09. This represents a 2.39 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own at least 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 purchased 30,600 shares of Adverum Biotechnologies stock. The shares were purchased at an average cost of $5.61 per share, with a total value of $171,666.00.

Adverum Biotechnologies Stock Up 3.5 %

NASDAQ ADVM opened at $5.60 on Friday. The company has a fifty day moving average of $4.42 and a two-hundred day moving average of $5.85. The firm has a market capitalization of $116.49 million, a price-to-earnings ratio of -0.93 and a beta of 1.14. Adverum Biotechnologies, Inc. has a 52 week low of $3.52 and a 52 week high of $17.65.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently added to or reduced their stakes in ADVM. BNP Paribas Financial Markets raised its holdings in 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 in the last quarter. Wells Fargo & Company MN increased its holdings in Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after buying an additional 2,659 shares during the period. Captrust Financial Advisors acquired a new position in Adverum Biotechnologies in the 3rd quarter worth approximately $71,000. American Century Companies Inc. boosted its position in Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 4,362 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in Adverum Biotechnologies by 129.1% in 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 in the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of 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 issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.