Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Purchases $102,851.28 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard bought 20,407 shares of the stock in a transaction on Wednesday, March 26th. The stock was purchased at an average price of $5.04 per share, with a total value of $102,851.28. Following the completion of the purchase, the insider now owns 125,207 shares of the company’s stock, valued at $631,043.28. This represents a 19.47 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own 10% or more 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 cost 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 shares were acquired at an average cost of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock opened at $4.61 on Friday. The business’s 50-day simple moving average is $4.50 and its two-hundred day simple moving average is $5.77. The company has a market cap of $95.90 million, a PE ratio of -0.77 and a beta of 1.14. Adverum Biotechnologies, Inc. has a fifty-two week low of $3.52 and a fifty-two week high of $14.21.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of large investors have recently bought and sold shares of ADVM. Millennium Management LLC boosted its holdings in shares of Adverum Biotechnologies by 46.5% in the 4th quarter. Millennium Management LLC now owns 42,847 shares of the biotechnology company’s stock valued at $200,000 after acquiring an additional 13,608 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new stake in Adverum Biotechnologies in the fourth quarter valued at $222,000. Corton Capital Inc. acquired a new stake in Adverum Biotechnologies during the 4th quarter worth about $153,000. Bank of America Corp DE raised its stake in shares of Adverum Biotechnologies by 16.3% during the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company’s stock valued at $204,000 after buying an additional 6,094 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Adverum Biotechnologies by 50.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock valued at $1,452,000 after buying an additional 104,262 shares during the period. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies 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.