Braden Michael Leonard Increases Stake in Adverum Biotechnologies with New Share Purchase

Braden Michael Leonard, a major shareholder of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report), has recently acquired 20,407 shares of the company’s stock in a transaction executed on March 26th. The shares were purchased at an average price of $5.04 each, totaling $102,851.28.

Following this acquisition, Leonard now holds a total of 125,207 shares, which are valued at around $631,043.28, marking a significant increase of 19.47% in his ownership stake. This transaction was filed publicly with the Securities and Exchange Commission (SEC), as required for large shareholders who own over 10% of the company's shares.

Leonard has also made several other notable trades recently:

• On March 20th, he bought 30,600 shares at an average price of $5.61, amounting to a total of $171,666.00.
• On March 18th, he purchased 62,341 shares at an average cost of $4.69, totaling $292,379.29.

Current Market Performance of Adverum Biotechnologies

As of mid-day trading on Thursday, the stock price of Adverum Biotechnologies fell by $0.08, settling at $4.96. The trading volume for the day was reported at 130,314 shares, which is below the average of 252,706 shares. Over the past year, the company’s stock has experienced fluctuations between a low of $3.52 and a high of $14.82. Currently, the 50-day simple moving average stands at $4.49, while the 200-day moving average is at $5.79. The company's market capitalization is approximately $103.18 million, and it has a price-to-earnings ratio of -0.83 along with a beta of 1.14.

Analyst Ratings and Forecast

The investment community has had mixed feelings about Adverum Biotechnologies. Recently, StockNews.com downgraded the stock from a 'hold' rating to a 'sell' rating in December. Presently, one analyst has assigned a sell rating, one has given a hold rating, and five analysts have a buy rating for Adverum. According to data from MarketBeat, the company has an average recommendation of 'Moderate Buy' with a consensus price target of $27.83.

Recent Moves by Hedge Funds

Institutional investors have been actively adjusting their holdings in Adverum Biotechnologies. For instance, BNP Paribas Financial Markets raised its investment in the company by 177.0% in the last quarter, bringing its total shares to 4,146, valued at $29,000. Wells Fargo & Company MN has also increased its stake by 27.8%, now owning 12,240 shares valued at $57,000 after additional purchases. Other firms, including Captrust Financial Advisors and American Century Companies Inc., have similarly increased their positions in the company, with institutional and hedge funds collectively holding about 48.17% of the stock.

Company Overview

Adverum Biotechnologies, Inc. is a clinical-stage company focused on developing gene therapies to address various eye diseases. Its leading product candidate is ixoberogene soroparvovec (ADVM-022), designed as a single intravitreal injection gene therapy for conditions such as wet age-related macular degeneration and diabetic macular edema, currently undergoing phase 2 clinical trials.

Conclusion

As investors continue to track the performance and potential of Adverum Biotechnologies, the recent stock purchases by major shareholder Braden Michael Leonard reflect growing confidence in the company’s future. However, with diverging opinions from analysts and changing dynamics among institutional stakeholders, keen observation of market trends and research will be essential for those considering investing.

Adverum, Stock, Investment