Insider Buying: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Acquires 62,341 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 62,341 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The shares were acquired at an average cost of $4.69 per share, with a total value of $292,379.29. Following the completion of the transaction, the insider now directly owns 2,667,161 shares in the company, valued at approximately $12,508,985.09. The trade was a 2.39 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 Thursday, March 20th, Braden Michael Leonard acquired 30,600 shares of Adverum Biotechnologies stock. The stock was bought at an average price of $5.61 per share, with a total value of $171,666.00.

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock opened at $5.60 on Friday. The company has a market cap of $116.49 million, a price-to-earnings ratio of -0.93 and a beta of 1.14. Adverum Biotechnologies, Inc. has a 12 month low of $3.52 and a 12 month high of $17.65. The stock’s 50-day moving average is $4.42 and its 200-day moving average is $5.85.

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets grew 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 in the last quarter. Captrust Financial Advisors bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at $71,000. Wells Fargo & Company MN raised its stake in Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after acquiring an additional 2,659 shares in the last quarter. MetLife Investment Management LLC raised its stake in shares of Adverum Biotechnologies by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after buying an additional 7,089 shares in the last quarter. Finally, Zacks Investment Management bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth $89,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered 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 given a buy rating to the company’s stock. According to MarketBeat, the stock currently 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.