Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Acquires $61,444.36 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard bought 15,209 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, April 2nd. The shares were acquired 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 in the company, valued at approximately $11,140,405.04. This trade represents a 0.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 Monday, March 31st, Braden Michael Leonard purchased 19,566 shares of Adverum Biotechnologies stock. The stock was bought at an average cost 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 shares were bought at an average cost of $5.04 per share, for a total transaction of $102,851.28.
• On Thursday, March 20th, Braden Michael Leonard purchased 30,600 shares of Adverum Biotechnologies stock. The shares were bought at an average price of $5.61 per share, with a total value of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard acquired 62,341 shares of Adverum Biotechnologies stock. The stock was purchased at an average price of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Stock Performance

NASDAQ:ADVM opened at $3.86 on Friday. Adverum Biotechnologies, Inc. has a one year low of $3.52 and a one year high of $13.40. The stock has a market cap of $80.30 million, a PE ratio of -0.64 and a beta of 1.14. The stock has a 50 day moving average price of $4.46 and a 200 day moving average price of $5.67.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently modified their holdings of ADVM. Geode Capital Management LLC grew its holdings in shares of Adverum Biotechnologies by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock valued at $2,067,000 after purchasing an additional 3,434 shares during the period. State Street Corp boosted its holdings in Adverum Biotechnologies by 32.7% in the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after purchasing an additional 91,112 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Adverum Biotechnologies by 50.4% in the 4th 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. Regeneron Pharmaceuticals Inc. acquired a new stake in shares of Adverum Biotechnologies during the 4th quarter worth approximately $845,000. Finally, Renaissance Technologies LLC raised 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 buying an additional 92,533 shares during the period. 48.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Adverum Biotechnologies presently 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.