Insider Buying: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Buys 62,341 Shares of Stock

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

Adverum Biotechnologies Stock Up 3.5 %

Shares of NASDAQ ADVM traded up $0.19 during trading hours on Thursday, hitting $5.60. The company had a trading volume of 185,171 shares, compared to its average volume of 258,153. The stock has a market capitalization of $116.49 million, a P/E ratio of -0.93 and a beta of 1.14. Adverum Biotechnologies, Inc. has a 1-year low of $3.52 and a 1-year high of $17.65. The firm’s 50 day moving average is $4.42 and its 200-day moving average is $5.85.

Institutional Investors Weigh In On Adverum Biotechnologies

Several large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its holdings in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Adverum Biotechnologies by 27.8% during the 4th 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 last quarter. Captrust Financial Advisors acquired a new stake in Adverum Biotechnologies during the 3rd quarter valued at $71,000. American Century Companies Inc. lifted its holdings in Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 4,362 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its holdings 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 valued at $88,000 after purchasing an additional 7,089 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and a consensus price target 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.