Insider Selling: Adverum Biotechnologies (NASDAQ:ADVM) Major Shareholder Sells 300,000 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) major shareholder Braden Michael Leonard sold 300,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was 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 of the company’s stock, valued at $11,581,609.20. The trade was a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large 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 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 transaction 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 transaction of $218,236.20.

Adverum Biotechnologies Price Performance

Shares of ADVM traded up $0.01 during mid-day 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 company 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 twelve month low of $1.78 and a twelve month high of $6.45. The company’s 50-day moving average is $4.42 and its 200-day moving average is $3.30.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results 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). As a group, equities analysts expect that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ADVM shares. HC Wainwright reissued a “neutral” rating and set a $5.00 price target (down from $30.00) on shares of Adverum Biotechnologies in a report on Monday, November 17th. Royal Bank Of Canada set a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, October 28th. Chardan Capital lowered 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 objective on Adverum Biotechnologies in a research report on Friday, October 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adverum Biotechnologies in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $10.50.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Two Sigma Investments LP boosted its position in Adverum Biotechnologies by 372.7% in the 3rd quarter. Two Sigma Investments LP now owns 88,670 shares of the biotechnology company’s stock valued at $402,000 after buying an additional 69,913 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Adverum Biotechnologies during the third quarter valued at $58,000. Jane Street Group LLC bought a new position in Adverum Biotechnologies in the second quarter valued at about $153,000. Qube Research & Technologies Ltd bought a new stake in Adverum Biotechnologies during the 2nd quarter worth about $66,000. Finally, Marshall Wace LLP bought a new stake in Adverum Biotechnologies during the 2nd quarter worth about $107,000. Institutional investors own 48.17% of the company’s stock.

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.