Braden Michael Leonard Acquires 20,407 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard bought 20,407 shares of the company’s stock in a transaction on Wednesday, March 26th. The stock was bought at an average cost of $5.04 per share, for a total transaction of $102,851.28. Following the completion of the transaction, the insider now directly owns 125,207 shares of the company’s stock, valued at $631,043.28. This trade represents a 19.47 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares 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 purchased at an average cost of $5.61 per share, for a total transaction of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard bought 62,341 shares of Adverum Biotechnologies stock. The stock was purchased at an average price of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Trading Down 7.1 %

Shares of NASDAQ:ADVM opened at $4.61 on Friday. The company has a 50 day moving average of $4.50 and a 200-day moving average of $5.78. The firm has a market cap of $95.90 million, a P/E ratio of -0.77 and a beta of 1.14. Adverum Biotechnologies, Inc. has a twelve month low of $3.52 and a twelve month high of $14.21.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded 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 given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $27.83.

Hedge Funds Weigh In On Adverum Biotechnologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of Adverum Biotechnologies by 46.5% in the fourth quarter. Millennium Management LLC now owns 42,847 shares of the biotechnology company’s stock valued at $200,000 after buying an additional 13,608 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in Adverum Biotechnologies in the 4th quarter valued at about $222,000. Corton Capital Inc. acquired a new position in shares of Adverum Biotechnologies in the 4th quarter worth approximately $153,000. Bank of America Corp DE raised its holdings in shares of Adverum Biotechnologies by 16.3% in the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 6,094 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in 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 last quarter. 48.17% of the stock is owned by 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.