Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Buys $102,851.28 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 20,407 shares of Adverum Biotechnologies stock in a transaction that occurred on Wednesday, March 26th. The stock was purchased at an average cost of $5.04 per share, for a total transaction of $102,851.28. Following the completion of the transaction, the insider now directly owns 125,207 shares in the company, valued at $631,043.28. This trade represents a 19.47 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more 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 stock was acquired at an average price of $5.61 per share, for a total transaction of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard acquired 62,341 shares of Adverum Biotechnologies stock. The shares were acquired at an average price of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Stock Down 7.1 %

Shares of NASDAQ ADVM opened at $4.61 on Friday. Adverum Biotechnologies, Inc. has a twelve month low of $3.52 and a twelve month high of $14.21. The firm has a market cap of $95.90 million, a PE ratio of -0.77 and a beta of 1.14. The business has a fifty day simple moving average of $4.50 and a two-hundred day simple moving average of $5.77.

Analysts Set New Price Targets

Separately, StockNews.com downgraded 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 issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.83.

Institutional Trading of Adverum Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in ADVM. Millennium Management LLC grew its holdings in Adverum Biotechnologies by 46.5% during the 4th quarter. Millennium Management LLC now owns 42,847 shares of the biotechnology company’s stock worth $200,000 after acquiring an additional 13,608 shares in the last quarter. D. E. Shaw & Co. Inc. bought a new position in shares of Adverum Biotechnologies during the fourth quarter valued at approximately $222,000. Corton Capital Inc. purchased a new position in Adverum Biotechnologies during the fourth quarter valued at approximately $153,000. Bank of America Corp DE raised its stake in Adverum Biotechnologies by 16.3% in the fourth quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company’s stock worth $204,000 after buying an additional 6,094 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Adverum Biotechnologies by 50.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock worth $1,452,000 after buying an additional 104,262 shares during the period. 48.17% of the stock is currently owned by institutional investors.

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.