Braden Michael Leonard Acquires 135,546 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 135,546 shares of Adverum Biotechnologies stock in a transaction on Wednesday, July 17th. The shares were purchased at an average price of $7.75 per share, for a total transaction of $1,050,481.50. Following the completion of the purchase, the insider now directly owns 2,101,546 shares of the company’s stock, valued at $16,286,981.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $8.17 on Friday. Adverum Biotechnologies, Inc. has a 52 week low of $6.38 and a 52 week high of $29.70. The stock has a market capitalization of $169.61 million, a price-to-earnings ratio of -0.80 and a beta of 1.07. The stock has a fifty day moving average of $7.66 and a 200-day moving average of $11.74.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.22). As a group, equities analysts forecast that Adverum Biotechnologies, Inc. will post -5.07 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Oppenheimer began coverage on shares of Adverum Biotechnologies in a report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 price target for the company. Chardan Capital raised their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Friday, May 10th. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Monday, May 27th. Finally, Mizuho decreased their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.40.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Apexium Financial LP bought a new stake in Adverum Biotechnologies during the 4th quarter worth approximately $45,000. Monaco Asset Management SAM lifted its holdings in shares of Adverum Biotechnologies by 33.8% during the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 20,000 shares during the period. Twin Focus Capital Partners LLC bought a new stake in shares of Adverum Biotechnologies in the fourth quarter worth $75,000. Worth Venture Partners LLC grew its stake in shares of Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after purchasing an additional 452,678 shares during the last quarter. Finally, Citigroup Inc. acquired a new stake in Adverum Biotechnologies in the third quarter valued at $715,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.