Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Acquires $61,444.36 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard bought 15,209 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The stock was purchased at an average price of $4.04 per share, with a total value of $61,444.36. Following the transaction, the insider now owns 2,757,526 shares in the company, valued at approximately $11,140,405.04. This represents a 0.55 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 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 Monday, March 31st, Braden Michael Leonard acquired 19,566 shares of Adverum Biotechnologies stock. The shares were acquired at an average cost of $4.38 per share, with a total value of $85,699.08.
• On Wednesday, March 26th, Braden Michael Leonard bought 20,407 shares of Adverum Biotechnologies stock. The stock was bought at an average price of $5.04 per share, for a total transaction of $102,851.28.
• On Thursday, March 20th, Braden Michael Leonard acquired 30,600 shares of Adverum Biotechnologies stock. The shares were acquired at an average price of $5.61 per share, with a total value of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard bought 62,341 shares of Adverum Biotechnologies stock. The stock was bought at an average price of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Trading Up 11.2 %

ADVM stock traded up $0.43 during mid-day trading on Wednesday, reaching $4.26. 153,732 shares of the stock traded hands, compared to its average volume of 256,743. The company has a market cap of $88.62 million, a P/E ratio of -0.71 and a beta of 1.14. Adverum Biotechnologies, Inc. has a 52-week low of $3.52 and a 52-week high of $14.16. The stock’s fifty day moving average is $4.49 and its 200-day moving average is $5.72.

Institutional Trading of Adverum Biotechnologies

Several large investors have recently added to or reduced their stakes in ADVM. BNP Paribas Financial Markets lifted its position 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 purchasing an additional 2,649 shares in the last quarter. Captrust Financial Advisors acquired a new position in shares of Adverum Biotechnologies during the 3rd quarter valued at about $71,000. Wells Fargo & Company MN raised its position 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 valued at $57,000 after purchasing an additional 2,659 shares during the period. MetLife Investment Management LLC lifted its position in Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after acquiring an additional 7,089 shares during the last quarter. Finally, Zacks Investment Management acquired a new position in shares of Adverum Biotechnologies during the 3rd quarter worth about $89,000. 48.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.