Adverum Biotechnologies, Inc. (NASDAQ:ADVM) is Principia Wealth Advisory LLC's 5th Largest Position

Principia Wealth Advisory LLC boosted its stake in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 27.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,696,815 shares of the biotechnology company's stock after purchasing an additional 366,155 shares during the quarter. Adverum Biotechnologies makes up 6.9% of Principia Wealth Advisory LLC's investment portfolio, making the stock its 5th biggest holding. Principia Wealth Advisory LLC owned approximately 8.16% of Adverum Biotechnologies worth $7,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of ADVM. Wells Fargo & Company MN increased its holdings in shares of Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company's stock valued at $57,000 after acquiring an additional 2,659 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Adverum Biotechnologies by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company's stock valued at $2,067,000 after acquiring an additional 3,434 shares during the last quarter. Barclays PLC increased its holdings in shares of Adverum Biotechnologies by 11.3% in the 4th quarter. Barclays PLC now owns 39,887 shares of the biotechnology company's stock valued at $186,000 after acquiring an additional 4,055 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company's stock valued at $76,000 after acquiring an additional 4,362 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Adverum Biotechnologies by 16.3% in the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company's stock valued at $204,000 after acquiring an additional 6,094 shares during the last quarter. Hedge funds and other institutional investors own 48.17% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Braden Michael Leonard acquired 62,341 shares of the firm's stock in a transaction on Tuesday, March 18th. The stock was bought at an average cost of $4.69 per share, with a total value of $292,379.29. Following the transaction, the insider now owns 2,667,161 shares of the company's stock, valued at $12,508,985.09. The trade was a 2.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders purchased 198,123 shares of company stock valued at $863,040 and sold 13,010 shares valued at $26,020. 6.00% of the stock is owned by insiders.

Adverum Biotechnologies Stock Down 6.1%

NASDAQ:ADVM traded down $0.18 during mid-day trading on Tuesday, reaching $2.79. 258,489 shares of the stock were exchanged, compared to its average volume of 270,555. The company has a 50 day simple moving average of $2.84 and a 200-day simple moving average of $4.11. The stock has a market capitalization of $58.29 million, a P/E ratio of -0.47 and a beta of 0.71. Adverum Biotechnologies, Inc. has a 1 year low of $1.78 and a 1 year high of $10.14.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.34) by ($0.62). As a group, research analysts predict that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current year.

Analyst Ratings Changes

ADVM has been the topic of a number of recent analyst reports. Chardan Capital reiterated a "buy" rating and issued a $33.00 price objective on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Royal Bank of Canada dropped their price target on Adverum Biotechnologies from $5.00 to $4.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 15th. Finally, HC Wainwright restated a "buy" rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $26.40.

Adverum Biotechnologies Company Profile

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.