Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Acquires $171,666.00 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 30,600 shares of the stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $5.61 per share, with a total value of $171,666.00. Following the completion of the transaction, the insider now owns 2,722,761 shares in the company, valued at $15,274,689.21. This trade represents a 1.14 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major 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 Tuesday, March 18th, Braden Michael Leonard purchased 62,341 shares of Adverum Biotechnologies stock. The stock was acquired at an average cost of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Stock Down 8.9 %

NASDAQ ADVM opened at $5.10 on Friday. The firm has a market cap of $106.09 million, a PE ratio of -0.85 and a beta of 1.14. The company has a 50 day moving average price of $4.43 and a 200 day moving average price of $5.83. Adverum Biotechnologies, Inc. has a 52 week low of $3.52 and a 52 week high of $16.44.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ADVM. Regeneron Pharmaceuticals Inc. bought a new position in shares of Adverum Biotechnologies during the 4th quarter worth approximately $845,000. Dimensional Fund Advisors LP raised its stake in shares of Adverum Biotechnologies by 50.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock worth $1,452,000 after acquiring an additional 104,262 shares in the last quarter. Renaissance Technologies LLC raised its stake 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 worth $605,000 after acquiring an additional 92,533 shares in the last quarter. State Street Corp increased its stake in Adverum Biotechnologies by 32.7% during 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 in the last quarter. Finally, Trexquant Investment LP increased its stake in Adverum Biotechnologies by 167.9% during the 4th quarter. Trexquant Investment LP now owns 95,997 shares of the biotechnology company’s stock valued at $448,000 after purchasing an additional 60,163 shares in the last quarter. Institutional investors own 48.17% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Company Profile

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.