Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Acquires $171,666.00 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) major shareholder Braden Michael Leonard bought 30,600 shares of the business's stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $5.61 per share, for a total transaction of $171,666.00. Following the purchase, the insider now directly owns 2,722,761 shares in the company, valued at approximately $15,274,689.21. This represents a 1.14 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Braden Michael Leonard also recently made the following trade(s):

• 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 Stock Performance

Adverum Biotechnologies stock traded up $0.30 during midday trading on Monday, reaching $5.40. 106,593 shares of the company's stock were exchanged, compared to its average volume of 255,942. The stock's 50-day simple moving average is $4.46 and its 200 day simple moving average is $5.82. The firm has a market cap of $112.33 million, a price-to-earnings ratio of -0.90 and a beta of 1.14. Adverum Biotechnologies, Inc. has a 52 week low of $3.52 and a 52 week high of $16.44.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of 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 issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $27.83.

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Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of Adverum Biotechnologies by 32.7% during the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company's stock worth $2,595,000 after buying an additional 91,112 shares during the period. Barclays PLC lifted its position in Adverum Biotechnologies by 125.8% during the third quarter. Barclays PLC now owns 35,832 shares of the biotechnology company's stock worth $252,000 after acquiring an additional 19,965 shares during the last quarter. Regeneron Pharmaceuticals Inc. acquired a new stake in Adverum Biotechnologies during the fourth quarter worth approximately $845,000. MetLife Investment Management LLC boosted 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 acquiring an additional 7,089 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Adverum Biotechnologies in the third quarter valued at approximately $93,000. 48.17% of the stock is currently owned by institutional investors.

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.