Adverum Biotechnologies (NASDAQ:ADVM) Major Shareholder Braden Michael Leonard Sells 524,560 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard sold 524,560 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $4.19, for a total value of $2,197,906.40. Following the completion of the transaction, the insider owned 1,958,080 shares in the company, valued at approximately $8,204,355.20. The trade was a 21.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own 10% or more 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, December 3rd, Braden Michael Leonard sold 222,925 shares of Adverum Biotechnologies stock. The shares were sold at an average price of $4.17, for a total value of $929,597.25.
• On Tuesday, December 2nd, Braden Michael Leonard sold 51,961 shares of Adverum Biotechnologies stock. The stock was sold at an average price of $4.20, for a total value of $218,236.20.
• On Monday, December 1st, Braden Michael Leonard sold 300,000 shares of Adverum Biotechnologies stock. The shares were sold at an average price of $4.20, for a total transaction of $1,260,000.00.

Adverum Biotechnologies Trading Up 2.2%

Shares of ADVM stock opened at $4.26 on Friday. The firm has a market capitalization of $94.06 million, a PE ratio of -0.50 and a beta of 0.87. The firm has a fifty day simple moving average of $4.41 and a two-hundred day simple moving average of $3.32. Adverum Biotechnologies, Inc. has a 12 month low of $1.78 and a 12 month high of $6.12.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Wednesday, November 12th. The biotechnology company reported ($2.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.23). On average, equities analysts predict that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADVM. Chardan Capital downgraded Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adverum Biotechnologies in a research report on Wednesday, October 8th. Truist Financial set a $5.00 price target on Adverum Biotechnologies in a report on Friday, October 24th. HC Wainwright restated a “neutral” rating and set a $5.00 price objective (down from $30.00) on shares of Adverum Biotechnologies in a research note on Monday, November 17th. Finally, Royal Bank Of Canada set a $4.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, October 28th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Hold” and a consensus target price of $10.50.

Institutional Trading of Adverum Biotechnologies

Hedge funds have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd bought a new position in Adverum Biotechnologies in the 2nd quarter valued at $45,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Adverum Biotechnologies in the 3rd quarter worth about $58,000. XTX Topco Ltd bought a new position in Adverum Biotechnologies during the second quarter valued at about $64,000. Qube Research & Technologies Ltd purchased a new stake in Adverum Biotechnologies during the second quarter worth about $66,000. Finally, Marshall Wace LLP purchased a new stake in Adverum Biotechnologies during the second quarter worth about $107,000. 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.