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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) major shareholder Braden Michael Leonard acquired 15,209 shares of the stock in a transaction on Wednesday, April 2nd. The shares were bought at an average price of $4.04 per share, with a total value of $61,444.36. Following the purchase, the insider now directly owns 2,757,526 shares of the company's stock, valued at $11,140,405.04. The trade was a 0.55 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large 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 Monday, March 31st, Braden Michael Leonard bought 19,566 shares of Adverum Biotechnologies stock. The shares were bought at an average price of $4.38 per share, for a total transaction of $85,699.08.
• On Wednesday, March 26th, Braden Michael Leonard bought 20,407 shares of Adverum Biotechnologies stock. The stock was bought at an average cost of $5.04 per share, with a total value of $102,851.28.
• On Thursday, March 20th, Braden Michael Leonard purchased 30,600 shares of Adverum Biotechnologies stock. The stock was purchased at an average price 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 stock was purchased at an average cost of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock traded up $0.08 during trading hours on Tuesday, hitting $3.71. The company had a trading volume of 21,382 shares, compared to its average volume of 256,191. The company has a 50-day moving average price of $4.44 and a two-hundred day moving average price of $5.62. Adverum Biotechnologies, Inc. has a 1 year low of $3.41 and a 1 year high of $13.14. The firm has a market cap of $77.07 million, a P/E ratio of -0.62 and a beta of 1.10.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.83.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of large investors have recently bought and sold shares of the company. Millennium Management LLC increased its stake in shares of Adverum Biotechnologies by 46.5% in the fourth quarter. Millennium Management LLC now owns 42,847 shares of the biotechnology company's stock worth $200,000 after acquiring an additional 13,608 shares during the period. D. E. Shaw & Co. Inc. purchased a new position in shares of Adverum Biotechnologies during the 4th quarter valued at approximately $222,000. Corton Capital Inc. acquired a new position in Adverum Biotechnologies in the 4th quarter worth about $153,000. Bank of America Corp DE increased its stake in Adverum Biotechnologies by 16.3% during the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company's stock worth $204,000 after buying an additional 6,094 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Adverum Biotechnologies by 50.4% during the fourth 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 during the last quarter. Hedge funds and other institutional investors own 48.17% of the company's stock.

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.