Insider Buying: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Purchases $292,379.29 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 62,341 shares of the firm’s stock in a transaction that occurred 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 completion of the purchase, the insider now owns 2,667,161 shares of the company’s stock, valued at $12,508,985.09. This represents a 2.39 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock 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 stock was bought at an average cost of $5.61 per share, with a total value of $171,666.00.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $5.10 on Friday. Adverum Biotechnologies, Inc. has a fifty-two week low of $3.52 and a fifty-two week high of $16.44. The company has a 50 day simple moving average of $4.43 and a two-hundred day simple moving average of $5.83. The company has a market capitalization of $106.09 million, a price-to-earnings ratio of -0.85 and a beta of 1.14.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently made changes to their positions in ADVM. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Adverum Biotechnologies during the third quarter valued at approximately $93,000. BNP Paribas Financial Markets grew its holdings in shares of Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 7,089 shares during the last quarter. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies during the third quarter valued at approximately $71,000. Finally, State Street Corp grew its holdings in shares of Adverum Biotechnologies by 32.7% during the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after buying an additional 91,112 shares during the last quarter. 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 note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.