Adverum Biotechnologies (NASDAQ:ADVM) Major Shareholder Sells $1,260,000.00 in Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard sold 300,000 shares of Adverum Biotechnologies stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $4.20, for a total transaction of $1,260,000.00. Following the transaction, the insider directly owned 2,757,526 shares in the company, valued at approximately $11,581,609.20. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions 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 stock was 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 shares were sold at an average price of $4.20, for a total value of $218,236.20.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM traded up $0.01 during midday trading on Wednesday, reaching $4.17. The company had a trading volume of 464,324 shares, compared to its average volume of 357,927. The stock’s fifty day moving average price is $4.42 and its 200-day moving average price is $3.30. The stock has a market capitalization of $92.06 million, a P/E ratio of -0.49 and a beta of 0.87. Adverum Biotechnologies, Inc. has a one year low of $1.78 and a one year high of $6.45.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Wednesday, November 12th. The biotechnology company reported ($2.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.23). As a group, sell-side analysts forecast that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current year.

Analyst Ratings Changes

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

Institutional Trading of Adverum Biotechnologies

Several large investors have recently added to or reduced their stakes in ADVM. Invesco Ltd. acquired a new position in shares of Adverum Biotechnologies during the 1st quarter worth about $218,000. Nuveen LLC acquired a new stake in Adverum Biotechnologies during the first quarter worth about $139,000. Pale Fire Capital SE raised its holdings in Adverum Biotechnologies by 16.9% in the 1st quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company’s stock valued at $1,609,000 after acquiring an additional 53,113 shares in the last quarter. AQR Capital Management LLC acquired a new position in Adverum Biotechnologies in the 1st quarter valued at approximately $148,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $45,000. 48.17% of the stock is 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.