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Braden Michael Leonard, a significant shareholder in Adverum Biotechnologies, Inc. (NASDAQ:ADVM), recently acquired a substantial number of shares in the company. According to the latest SEC filing, Leonard purchased a total of 117,941 shares over several transactions between March 18 and March 20, 2025. The shares were bought at prices ranging from $4.60 to $5.6133, amounting to a total expenditure of $587,574. The timing appears strategic, as InvestingPro data shows the stock has gained over 21% in the past week, with the current share price at $5.60.
These transactions were executed through BML Investment Partners, L.P., with Leonard exercising investment and voting control over the shares. Following these acquisitions, Leonard, through his investment partnership, now holds a total of 2,722,761 shares of Adverum Biotechnologies. According to InvestingPro analysis, the company maintains a healthy balance sheet with more cash than debt and a strong current ratio of 5.82, though analysts have noted the company is quickly burning through its cash reserves.
Adverum Biotechnologies, headquartered in Redwood (NYSE:RWT) City, California, focuses on developing gene therapies for ocular and rare diseases. The company’s stock activity and insider transactions are closely monitored by investors, given the potential implications for the company’s future performance. With a market capitalization of $117 million and analyst price targets ranging from $10 to $40, InvestingPro research indicates the stock is currently trading at Fair Value. For deeper insights into insider trading patterns and 13 additional ProTips about ADVM, investors can access the comprehensive Pro Research Report available on 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 patients with wet age-related macular degeneration (AMD (NASDAQ:AMD)). This trial is significant as it marks the first registrational intravitreal gene therapy trial for wet AMD, with approximately 284 U.S.-based patients participating. The trial will compare a single administration of Ixo-vec with the standard treatment of aflibercept, aiming to determine if Ixo-vec is non-inferior in improving best corrected visual acuity (BCVA) after one year. The ARTEMIS trial follows positive outcomes from previous studies, such as OPTIC and LUNA, and could potentially lead to regulatory approval for Ixo-vec as a new treatment option for wet AMD.
In related developments, Oppenheimer has maintained an Outperform rating on Adverum Biotechnologies with a $32 price target. The firm expressed confidence in the success of the ARTEMIS study, citing significant efficacy and safety data from the Phase 2 LUNA study. Analysts at Oppenheimer believe the study is considerably de-risked and are optimistic about the commercial potential of Ixo-vec. The treatment has also received Fast Track and Regenerative Medicine Advanced Therapy designations from the FDA, as well as similar recognitions from European and UK regulatory bodies. These developments underscore Adverum’s commitment to advancing gene therapy as a new standard of care for ocular diseases.
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