Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Braden Michael Leonard Purchases 30,600 Shares

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 30,600 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were bought at an average price of $5.61 per share, with a total value of $171,666.00. Following the transaction, the insider now directly owns 2,722,761 shares in the company, valued at approximately $15,274,689.21. The trade was a 1.14 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own more than 10% 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 Tuesday, March 18th, Braden Michael Leonard bought 62,341 shares of Adverum Biotechnologies stock. The stock was acquired at an average price of $4.69 per share, with a total value of $292,379.29.

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock opened at $5.10 on Friday. The company has a market capitalization of $106.09 million, a price-to-earnings ratio of -0.85 and a beta of 1.14. Adverum Biotechnologies, Inc. has a one year low of $3.52 and a one year high of $16.48. The company’s fifty day moving average price is $4.43 and its two-hundred day moving average price is $5.84.

Hedge Funds Weigh In On Adverum Biotechnologies

Several hedge funds have recently bought and sold shares of the business. Regeneron Pharmaceuticals Inc. acquired a new stake in shares of Adverum Biotechnologies in the fourth quarter valued at about $845,000. Dimensional Fund Advisors LP grew its position 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 purchasing an additional 104,262 shares during the last quarter. Renaissance Technologies LLC grew 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 valued at $605,000 after purchasing an additional 92,533 shares during the last quarter. State Street Corp grew its position 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 purchasing an additional 91,112 shares during the last quarter. Finally, Trexquant Investment LP grew its position in shares of Adverum Biotechnologies by 167.9% in the fourth quarter. Trexquant Investment LP now owns 95,997 shares of the biotechnology company’s stock valued at $448,000 after purchasing an additional 60,163 shares during the last quarter. 48.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered 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 given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average 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.