Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Major Shareholder Purchases $149,000.00 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard purchased 50,000 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, April 23rd. The stock was bought at an average price of $2.98 per share, for a total transaction of $149,000.00. Following the completion of the transaction, the insider now directly owns 191,800 shares in the company, valued at $571,564. The trade was a 35.26 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Major 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 Wednesday, April 2nd, Braden Michael Leonard bought 15,209 shares of Adverum Biotechnologies stock. The stock was bought at an average cost of $4.04 per share, for a total transaction of $61,444.36.
• 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, with a total value of $85,699.08.
• On Wednesday, March 26th, Braden Michael Leonard purchased 20,407 shares of Adverum Biotechnologies stock. The stock was purchased at an average price of $5.04 per share, for a total transaction of $102,851.28.
• On Thursday, March 20th, Braden Michael Leonard bought 30,600 shares of Adverum Biotechnologies stock. The stock was purchased at an average cost of $5.61 per share, with a total value of $171,666.00.
• On Tuesday, March 18th, Braden Michael Leonard purchased 62,341 shares of Adverum Biotechnologies stock. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $292,379.29.

Adverum Biotechnologies Stock Down 2.0 %

NASDAQ:ADVM opened at $2.91 on Friday. The company has a market cap of $60.79 million, a P/E ratio of -0.49 and a beta of 1.10. Adverum Biotechnologies, Inc. has a twelve month low of $2.72 and a twelve month high of $10.98. The business has a 50 day moving average price of $4.07 and a two-hundred day moving average price of $5.21.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). As a group, analysts anticipate that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Chardan Capital dropped their price objective on Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Royal Bank of Canada dropped their price target on Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, April 16th. One 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.83.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Wells Fargo & Company MN raised its stake 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 worth $57,000 after purchasing an additional 2,659 shares in the last quarter. American Century Companies Inc. increased its holdings in Adverum Biotechnologies by 36.6% during the fourth 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 last quarter. JPMorgan Chase & Co. raised its position in Adverum Biotechnologies by 226.6% during the fourth quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock worth $143,000 after acquiring an additional 21,274 shares in the last quarter. Corton Capital Inc. acquired a new stake in Adverum Biotechnologies in the fourth quarter valued at $153,000. Finally, Barclays PLC grew its position in shares of Adverum Biotechnologies by 125.8% in the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock valued at $252,000 after acquiring an additional 19,965 shares during the period. 48.17% of the stock is owned by institutional investors and hedge funds.

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.