Braden Michael Leonard Acquires 62,341 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) major shareholder Braden Michael Leonard purchased 62,341 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The shares were acquired at an average cost of $4.69 per share, with a total value of $292,379.29. Following the completion of the purchase, the insider now owns 2,667,161 shares of the company's stock, valued at $12,508,985.09. The trade was a 2.39 % 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 transactions with the SEC.

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

• On Thursday, March 20th, Braden Michael Leonard bought 30,600 shares of Adverum Biotechnologies stock. The shares were acquired at an average cost of $5.61 per share, with a total value of $171,666.00.

Adverum Biotechnologies Price Performance

ADVM traded up $0.30 during mid-day trading on Monday, hitting $5.40. The stock had a trading volume of 106,593 shares, compared to its average volume of 255,942. The stock's fifty day simple moving average is $4.46 and its 200-day simple moving average is $5.82. The firm has a market capitalization of $112.33 million, a price-to-earnings ratio of -0.90 and a beta of 1.14. Adverum Biotechnologies, Inc. has a 1-year low of $3.52 and a 1-year high of $16.44.

Institutional Trading of Adverum Biotechnologies

A number of large investors have recently made changes to their positions in ADVM. BNP Paribas Financial Markets lifted its holdings in Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 2,649 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company's stock valued at $57,000 after purchasing an additional 2,659 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Adverum Biotechnologies by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company's stock valued at $2,067,000 after purchasing an additional 3,434 shares during the period. Barclays PLC increased its stake in Adverum Biotechnologies by 11.3% during the 4th quarter. Barclays PLC now owns 39,887 shares of the biotechnology company's stock worth $186,000 after purchasing an additional 4,055 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company's stock worth $76,000 after buying an additional 4,362 shares during the period. Institutional investors own 48.17% of the company's stock.

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Analyst Upgrades and Downgrades

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