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Leonard Braden Michael, a significant shareholder of Adverum Biotechnologies, Inc. (NASDAQ:ADVM), recently increased his stake in the company with two notable purchases. The timing is particularly interesting as InvestingPro data shows the stock has declined 24% in the past week, though analysis indicates it’s currently trading below its Fair Value. On March 31, 2025, he acquired 19,566 shares at an average price of $4.3784 per share, and on April 2, 2025, he bought an additional 15,209 shares at an average price of $4.0376 per share. These transactions, totaling $147,075, reflect his continued confidence in the biotechnological firm’s prospects. Following these acquisitions, Michael’s indirect holdings, managed through BML Investment Partners, L.P., now stand at 2,757,526 shares. The company maintains a strong liquidity position with a current ratio of 5.82, and according to InvestingPro, holds more cash than debt on its balance sheet. For deeper insights into ADVM’s financial health and 11 additional ProTips, plus comprehensive analysis through the Pro Research Report, visit InvestingPro.
In other recent news, Adverum Biotechnologies has launched the ARTEMIS Phase 3 study to evaluate the efficacy and safety of its gene therapy candidate, Ixo-vec, for treating wet age-related macular degeneration (AMD (NASDAQ:AMD)). This pivotal trial will involve approximately 284 U.S.-based patients and aims to compare a single administration of Ixo-vec with the standard treatment, aflibercept, focusing on improving best corrected visual acuity (BCVA) after one year. The ARTEMIS trial follows promising results from earlier studies and seeks to provide a more convenient treatment option for wet AMD patients by potentially reducing the frequency of required injections. Adverum’s Ixo-vec has received several designations from regulatory agencies, highlighting its potential as a transformative therapy.
In another development, Oppenheimer has maintained its Outperform rating for Adverum Biotechnologies with a $32 price target, expressing confidence in the success of the ARTEMIS study. The firm cites significant efficacy and safety data from previous trials as factors supporting their positive outlook. Oppenheimer anticipates the ARTEMIS study is considerably de-risked, reinforcing the commercial potential of Ixo-vec. The analysts await further details on a second global Phase 3 study named AQUARIUS. These recent developments underscore Adverum’s commitment to advancing gene therapy for ocular diseases.
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