Cardiff Oncology shares plunge after Q2 earnings miss
In a recent series of transactions, Leonard Braden Michael, a significant shareholder of Adverum Biotechnologies, Inc. (NASDAQ:ADVM), acquired a substantial amount of the company’s common stock. The purchases, made over three days, totaled approximately $1.44 million, with share prices ranging from $4.0087 to $4.5965. The stock, currently trading at $4.71, has shown strong momentum with an 11.68% gain over the past week. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates.
On February 26, Michael purchased 164,886 shares at a weighted average price of $4.0087 per share. The following day, he acquired an additional 86,802 shares at an average price of $4.4595. The buying spree continued on February 28, with Michael adding another 85,068 shares at an average price of $4.5965. These transactions increased his total holdings to 2,604,820 shares, held indirectly through BML Investment Partners, L.P. The company maintains strong liquidity with a current ratio of 5.82 and holds more cash than debt on its balance sheet.
This series of acquisitions highlights Michael’s continued confidence in Adverum Biotechnologies, a company specializing in biological products. With the next earnings report due on March 19, InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report to better understand this insider buying pattern.
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