Insider Buying: Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Purchases 20,407 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard acquired 20,407 shares of the stock in a transaction dated Wednesday, March 26th. The shares were purchased at an average price of $5.04 per share, for a total transaction of $102,851.28. Following the completion of the purchase, the insider now directly owns 125,207 shares in the company, valued at $631,043.28. The trade was a 19.47 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Major 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 purchased 30,600 shares of Adverum Biotechnologies stock. The shares were acquired at an average price of $5.61 per share, with a total value of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard acquired 62,341 shares of Adverum Biotechnologies stock. The stock was acquired at an average price of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock traded down $0.08 during trading hours on Thursday, hitting $4.96. The company had a trading volume of 130,314 shares, compared to its average volume of 252,706. The firm has a 50-day moving average of $4.49 and a 200 day moving average of $5.79. The firm has a market cap of $103.18 million, a PE ratio of -0.83 and a beta of 1.14. Adverum Biotechnologies, Inc. has a one year low of $3.52 and a one year high of $14.82.

Hedge Funds Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in ADVM. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Adverum Biotechnologies in the 3rd quarter valued at $93,000. BNP Paribas Financial Markets increased its position 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 worth $29,000 after buying an additional 2,649 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after buying an additional 7,089 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of Adverum Biotechnologies in the third quarter valued at about $71,000. Finally, State Street Corp grew its stake 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 acquiring an additional 91,112 shares in 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 note 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 assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus 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.