Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Acquires $171,666.00 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 30,600 shares of Adverum Biotechnologies stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $5.61 per share, for a total transaction of $171,666.00. Following the transaction, the insider now directly owns 2,722,761 shares of the company’s stock, valued at $15,274,689.21. The trade was a 1.14 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own 10% or more 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 Tuesday, March 18th, Braden Michael Leonard purchased 62,341 shares of Adverum Biotechnologies stock. The stock was acquired at an average price of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Stock Performance

ADVM stock traded up $0.19 during mid-day trading on Thursday, reaching $5.60. 185,171 shares of the stock traded hands, compared to its average volume of 258,153. Adverum Biotechnologies, Inc. has a one year low of $3.52 and a one year high of $17.65. The stock has a market capitalization of $116.49 million, a PE ratio of -0.93 and a beta of 1.14. The business has a 50-day moving average price of $4.42 and a two-hundred day moving average price of $5.85.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. One investment 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Regeneron Pharmaceuticals Inc. purchased a new stake in shares of Adverum Biotechnologies during the fourth quarter valued at $845,000. Dimensional Fund Advisors LP boosted its stake in shares of Adverum Biotechnologies by 50.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock valued at $1,452,000 after purchasing an additional 104,262 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Adverum Biotechnologies by 249.6% during the fourth quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock valued at $605,000 after purchasing an additional 92,533 shares during the period. State Street Corp boosted its stake in shares of Adverum Biotechnologies by 32.7% during the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after purchasing an additional 91,112 shares during the period. Finally, Trexquant Investment LP boosted its stake in shares of Adverum Biotechnologies by 167.9% during the fourth quarter. Trexquant Investment LP now owns 95,997 shares of the biotechnology company’s stock valued at $448,000 after purchasing an additional 60,163 shares during the period. Institutional investors own 48.17% of the company’s stock.

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.