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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 62,341 shares of the stock in a transaction dated Tuesday, March 18th. The stock was bought at an average price of $4.69 per share, for a total transaction of $292,379.29. Following the purchase, the insider now owns 2,667,161 shares of the company’s stock, valued at $12,508,985.09. The trade was a 2.39 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Large shareholders that own 10% or more 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 bought at an average price of $5.61 per share, for a total transaction of $171,666.00.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM traded up $0.19 during midday trading on Thursday, reaching $5.60. 185,171 shares of the company traded hands, compared to its average volume of 258,153. The stock’s 50-day simple moving average is $4.42 and its 200-day simple moving average is $5.85. Adverum Biotechnologies, Inc. has a 12 month low of $3.52 and a 12 month high of $17.65. The firm has a market cap of $116.49 million, a PE ratio of -0.93 and a beta of 1.14.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock valued at $2,067,000 after buying an additional 3,434 shares during the last quarter. State Street Corp raised its holdings in shares of 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 buying an additional 91,112 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Adverum Biotechnologies by 50.4% in the fourth 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 last quarter. Regeneron Pharmaceuticals Inc. bought a new position in shares of Adverum Biotechnologies in the fourth quarter valued at about $845,000. Finally, Renaissance Technologies LLC increased its position in 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 purchasing an additional 92,533 shares during the period. 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.