Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Braden Michael Leonard Purchases 30,600 Shares

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 30,600 shares of the stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $5.61 per share, for a total transaction of $171,666.00. Following the acquisition, the insider now directly owns 2,722,761 shares of the company’s stock, valued at approximately $15,274,689.21. This represents a 1.14 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 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 Tuesday, March 18th, Braden Michael Leonard purchased 62,341 shares of Adverum Biotechnologies stock. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Price Performance

Shares of ADVM stock traded up $0.19 during mid-day trading on Thursday, hitting $5.60. The company had a trading volume of 185,171 shares, compared to its average volume of 258,153. Adverum Biotechnologies, Inc. has a 52-week low of $3.52 and a 52-week high of $17.65. The stock’s 50 day moving average price is $4.42 and its 200-day moving average price is $5.85. The company has a market capitalization of $116.49 million, a P/E ratio of -0.93 and a beta of 1.14.

Hedge Funds Weigh In On Adverum Biotechnologies

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

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. One equities 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. Based on data from MarketBeat.com, Adverum Biotechnologies has an average rating of “Moderate Buy” and a consensus target price 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.