Insider Buying: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Purchases 15,209 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 15,209 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were bought at an average price of $4.04 per share, for a total transaction of $61,444.36. Following the completion of the purchase, the insider now directly owns 2,757,526 shares in the company, valued at $11,140,405.04. This represents a 0.55 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 Monday, March 31st, Braden Michael Leonard acquired 19,566 shares of Adverum Biotechnologies stock. The stock was purchased at an average price of $4.38 per share, with a total value of $85,699.08.
• On Wednesday, March 26th, Braden Michael Leonard purchased 20,407 shares of Adverum Biotechnologies stock. The shares were bought at an average cost of $5.04 per share, for a total transaction of $102,851.28.
• 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 shares were acquired at an average cost of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Trading Up 11.2 %

Shares of NASDAQ ADVM traded up $0.43 during trading on Wednesday, reaching $4.26. The company had a trading volume of 153,732 shares, compared to its average volume of 256,743. The stock has a market capitalization of $88.62 million, a PE ratio of -0.71 and a beta of 1.14. The stock has a 50-day moving average price of $4.49 and a two-hundred day moving average price of $5.72. Adverum Biotechnologies, Inc. has a twelve month low of $3.52 and a twelve month high of $14.16.

Hedge Funds Weigh In On Adverum Biotechnologies

Institutional investors have recently modified their holdings of the company. Regeneron Pharmaceuticals Inc. purchased a new stake in Adverum Biotechnologies in the 4th quarter valued at about $845,000. Dimensional Fund Advisors LP lifted its holdings in shares of Adverum Biotechnologies by 50.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock valued at $1,452,000 after acquiring an additional 104,262 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Adverum Biotechnologies by 249.6% in the fourth quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock worth $605,000 after buying an additional 92,533 shares during the period. State Street Corp grew its position in Adverum Biotechnologies by 32.7% in the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after acquiring an additional 91,112 shares in the last quarter. Finally, Trexquant Investment LP increased its stake in Adverum Biotechnologies by 167.9% during the 4th quarter. Trexquant Investment LP now owns 95,997 shares of the biotechnology company’s stock worth $448,000 after buying an additional 60,163 shares during the period. Institutional investors and hedge funds own 48.17% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.83.

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.