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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) major shareholder Braden Michael Leonard purchased 15,209 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was acquired at an average cost of $4.04 per share, with a total value of $61,444.36. Following the acquisition, the insider now owns 2,757,526 shares in the company, valued at $11,140,405.04. The trade was a 0.55 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Large shareholders that own more than 10% 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 Monday, March 31st, Braden Michael Leonard purchased 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 purchased at an average cost of $5.04 per share, for a total transaction of $102,851.28.
• On Thursday, March 20th, Braden Michael Leonard acquired 30,600 shares of Adverum Biotechnologies stock. The stock was purchased at an average cost of $5.61 per share, for a total transaction of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard purchased 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 $0.23 during trading hours on Monday, hitting $3.63. 224,027 shares of the stock traded hands, compared to its average volume of 257,134. The firm's 50 day moving average price is $4.44 and its 200-day moving average price is $5.62. The stock has a market capitalization of $75.51 million, a price-to-earnings ratio of -0.61 and a beta of 1.10. Adverum Biotechnologies, Inc. has a 1 year low of $3.42 and a 1 year high of $13.14.

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Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at about $93,000. BNP Paribas Financial Markets grew its holdings in Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 2,649 shares during the period. MetLife Investment Management LLC increased its position in shares of Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company's stock valued at $88,000 after buying an additional 7,089 shares in the last quarter. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies in the third quarter valued at approximately $71,000. Finally, State Street Corp raised its stake 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. 48.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of 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 assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.