Key Points
- Major shareholder Braden Michael Leonard sold 524,560 shares on December 4 at $4.19 for $2,197,906.40, cutting his stake by 21.13% to 1,958,080 shares (worth about $8.20M).
- Leonard also sold shares on December 1–3 (300,000; 51,961; and 222,925 shares), bringing total sales over the four days to about 1.099 million shares worth roughly $4.61 million.
- Adverum shares traded around $4.26 (market cap ≈ $94M), the company reported a loss of $2.03 EPS last quarter, and analysts hold a consensus "Hold" rating with an average target price of $10.50.
Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) major shareholder Braden Michael Leonard sold 524,560 shares of the firm's stock in a transaction 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 sale, the insider directly owned 1,958,080 shares of the company's stock, valued at $8,204,355.20. This represents a 21.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more 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 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 value of $1,260,000.00.
Adverum Biotechnologies Stock Up 2.2%
NASDAQ ADVM opened at $4.26 on Friday. The company has a market cap of $94.06 million, a PE ratio of -0.50 and a beta of 0.87. Adverum Biotechnologies, Inc. has a 52 week low of $1.78 and a 52 week high of $6.12. The firm's 50-day simple moving average is $4.41 and its two-hundred day simple moving average is $3.32.
Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted its earnings results on Wednesday, November 12th. The biotechnology company reported ($2.03) earnings per share for the quarter, missing the consensus estimate of ($1.80) by ($0.23). As a group, equities research analysts anticipate that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Truist Financial set a $5.00 target price on shares of Adverum Biotechnologies in a report on Friday, October 24th. Chardan Capital cut Adverum Biotechnologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 27th. Royal Bank Of Canada set a $4.00 price objective on Adverum Biotechnologies in a research note on Tuesday, October 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Adverum Biotechnologies in a report on Wednesday, October 8th. Finally, Mizuho set a $5.50 target price on Adverum Biotechnologies in a report on Wednesday, October 29th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $10.50.
View Our Latest Report on ADVM
Institutional Investors Weigh In On Adverum Biotechnologies
A number of institutional investors and hedge funds have recently made changes to their positions in ADVM. BML Capital Management LLC raised its position in Adverum Biotechnologies by 11.5% during the second quarter. BML Capital Management LLC now owns 3,057,526 shares of the biotechnology company's stock valued at $6,574,000 after purchasing an additional 315,209 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Adverum Biotechnologies during the 2nd quarter valued at about $153,000. Two Sigma Investments LP increased its position in shares of Adverum Biotechnologies by 372.7% during the 3rd quarter. Two Sigma Investments LP now owns 88,670 shares of the biotechnology company's stock valued at $402,000 after purchasing an additional 69,913 shares during the last quarter. Pale Fire Capital SE raised its holdings in shares of Adverum Biotechnologies by 16.9% during the 1st quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company's stock valued at $1,609,000 after buying an additional 53,113 shares in the last quarter. Finally, Invesco Ltd. bought a new stake in Adverum Biotechnologies in the 1st quarter worth approximately $218,000. Hedge funds and other institutional investors own 48.17% of the company's stock.
Adverum Biotechnologies Company Profile
(
Get Free Report)
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.
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