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Leonard Braden Michael, a significant shareholder of Adverum Biotechnologies, Inc. (NASDAQ:ADVM), has recently increased his stake in the company through a series of stock purchases. The timing is notable as InvestingPro data shows the stock has declined over 11% in the past week, though it maintains a strong liquidity position with a current ratio of 5.82. According to a recent SEC filing, Michael acquired a total of 37,000 shares of common stock over two days, with transactions taking place on March 26 and March 27, 2025. The shares were purchased at a weighted average price range between $5.0395 and $5.1883 per share, amounting to a total investment of approximately $188,930. With analyst price targets ranging from $10 to $40, this insider activity might be significant. Discover more insider trading patterns and detailed analysis with InvestingPro’s comprehensive research reports.
Following these transactions, Michael now directly owns 141,800 shares of Adverum Biotechnologies. Additionally, he holds an indirect interest in 2,722,761 shares through BML Investment Partners, L.P., where he exercises investment and voting control. Michael’s recent acquisitions underscore his continued confidence in the company’s prospects, despite the company’s current market capitalization of $104 million and challenging financial metrics revealed by InvestingPro’s analysis.
In other recent news, Adverum Biotechnologies has initiated the ARTEMIS Phase 3 study to evaluate its gene therapy candidate, Ixo-vec, for wet age-related macular degeneration (AMD (NASDAQ:AMD)). This pivotal trial will compare a single administration of Ixo-vec with the standard treatment, aflibercept, involving approximately 284 U.S.-based patients. The primary goal is to assess if Ixo-vec is non-inferior to aflibercept in improving visual acuity after one year. Adverum’s Ixo-vec has received several designations, including Fast Track from the FDA, highlighting its potential as a significant therapeutic option. The company aims to transform the treatment landscape for wet AMD with this one-time injection therapy. Oppenheimer has maintained an Outperform rating for Adverum, with a $32 price target, reflecting confidence in the ARTEMIS study’s potential success. The firm’s analysts cite promising data from earlier trials and broad inclusion criteria as reinforcing factors for Ixo-vec’s commercial potential. Adverum’s recent trial launch underscores its commitment to advancing gene therapy for ocular diseases.
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