Braden Michael Leonard Buys 62,341 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 62,341 shares of the stock in a transaction dated Tuesday, March 18th. The stock was acquired at an average price of $4.69 per share, with a total value of $292,379.29. Following the completion of the acquisition, the insider now 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Thursday, March 20th, Braden Michael Leonard acquired 30,600 shares of Adverum Biotechnologies stock. The stock was acquired at an average price of $5.61 per share, with a total value of $171,666.00.

Adverum Biotechnologies Trading Down 8.9 %

Shares of NASDAQ ADVM opened at $5.10 on Friday. Adverum Biotechnologies, Inc. has a 12 month low of $3.52 and a 12 month high of $16.48. The firm has a market capitalization of $106.09 million, a PE ratio of -0.85 and a beta of 1.14. The firm has a fifty day simple moving average of $4.43 and a two-hundred day simple moving average of $5.84.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. One 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.83.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently modified their holdings of ADVM. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth about $93,000. 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 buying an additional 2,649 shares during the period. MetLife Investment Management LLC grew its position 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 during the period. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth about $71,000. Finally, State Street Corp grew its position in shares of Adverum Biotechnologies by 32.7% in the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after buying an additional 91,112 shares during the period. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.