Insider Buying: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Acquires 20,407 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 20,407 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was bought at an average cost of $5.04 per share, for a total transaction of $102,851.28. Following the acquisition, the insider now owns 125,207 shares in the company, valued at approximately $631,043.28. The trade was a 19.47 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Large 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 bought 30,600 shares of Adverum Biotechnologies stock. The stock was purchased 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 shares were bought at an average price of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM opened at $4.96 on Friday. The stock’s 50-day moving average is $4.49 and its 200-day moving average is $5.79. The company has a market cap of $103.18 million, a P/E ratio of -0.83 and a beta of 1.14. Adverum Biotechnologies, Inc. has a 52-week low of $3.52 and a 52-week high of $14.82.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of 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 given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets lifted its position in shares of Adverum Biotechnologies by 177.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 2,649 shares during the period. Wells Fargo & Company MN grew its stake in Adverum Biotechnologies by 27.8% during the fourth 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 last quarter. Captrust Financial Advisors bought a new stake in Adverum Biotechnologies during the 3rd quarter worth approximately $71,000. American Century Companies Inc. grew its holdings in Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after acquiring an additional 4,362 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after purchasing an additional 7,089 shares in the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.