Leonard Braden Michael

ACRS director sells 300k shares near 52-week highs amid unprofitable operations

A director at Aclaris Therapeutics executed a substantial sale of 300,000 shares, cashing out approximately $1.36 million. The timing is noteworthy—the stock is trading just below its 52-week high after rallying sharply over the past month, suggesting the insider capitalized on recent momentum. However, the company's fundamentals paint a concerning picture: Aclaris is unprofitable with significant quarterly losses and minimal revenue, indicating the business is not yet generating sustainable earnings. This creates a mixed signal—the insider is selling strength on the chart, but selling weakness in the company's operational reality. The sale itself is material in absolute terms but represents only a modest portion of the director's holdings, which limits what we can infer about confidence. Investors should investigate whether management expects near-term headwinds or if this is simply opportunistic liquidity-taking during a favorable price window.

10% owner Braden Michael sold 524,560 shares of ADVM at $4.19 on 2025-12-04 totaling $2.2M, reducing stake by 21.1%

Leonard Braden Michael, a 10% owner, executed a substantial sale of 524,560 shares (524.6K shares) for $2,200,371.83 ($2.2M), reducing his holdings from 2,482,640 shares (2.48M shares) to 1,958,080 shares (1.96M shares)—a -21.1% reduction. This follows a pattern of consecutive sells on 2025-12-03 and 2025-12-02 at the same ticker. The company faces structural headwinds: annual revenue growth was -72.2%, the latest quarter reported zero revenue, and net income stands at $-47,652,000.00 ($-47.7M), indicating sustained unprofitability. Braden's cross-ticker selling history shows a 50.00% well-timed rate with an average 90-day return of +1.3% after sales, though his prior ADVM buys on 2025-04-22 and 2025-04-23 both underperformed (30d returns around -25.7% to -25.8%). The rapid succession of three sales over consecutive days, coupled with the company's deteriorating fundamentals and zero recent revenue, warrants examination of the materiality and context driving these dispositions.

10% Owner Leonard Braden Michael sells 574,886 shares (19.1% of holdings) for $2,407,833.45 across 3 days at avg $4.19

Leonard Braden Michael, a 10% owner, executed three separate sales totaling 574,886 shares for $2,407,833.45 over December 1–3, 2025, reducing his holdings by 19.1% from 3,003,526 to 2,428,640 shares. His cross-ticker track record shows 6 prior open-market sells with a 50.00% well-timed rate (90d return +1.3% on average), but his same-ticker history at ADVM is concerning: all 5 prior buys at this company were poorly timed, with a 0.00% well-timed rate at the 90-day mark and returns ranging from -10.4% to -50.3%. The company is unprofitable (net income $-47,652,000.00 for the latest full year), has zero quarterly revenue, and experienced -72.2% annual revenue decline. This large block sale by a major shareholder, combined with the company's deteriorating financial profile and the insider's own poor timing record on ADVM specifically, signals material reassessment of the position.

10% Owner Leonard Braden Michael sells entire 229.6K share stake (100%) for $1.6M at $7.08 avg, stock now $5.01

Leonard Braden Michael, a 10% owner, executed 2 separate sales totaling 229,576 shares for $1,625,071.29, divesting his entire shareholding at a blended average price of $7.08. The stock has since declined to $5.01 (currently -40.6% from its 52-week high of $8.43), making the exit timing relatively favorable in hindsight. The company faces severe headwinds: revenue contracted -41.2% year-over-year to $534,000.00 in the latest quarter, net income was -$3,633,000.00, and the market cap is only $8,812,354.53 — a micro-cap with acute profitability and growth challenges. While Michael's cross-ticker track record shows mixed results on sell timing (50% well-timed rate on 4 prior sells), the full liquidation of a 10% founder/major shareholder stake during a period of sharp revenue decline and persistent losses represents a material shift in insider ownership structure that warrants investor attention.

10% Owner Leonard Braden Michael sold 2,532,000 shares (44.0% of pre-transaction holdings) for $2,872,476.80 across 4 separate sales May 28–30.

Leonard Braden Michael, a 10% owner, executed 4 separate sales totaling 2,532,000 shares for $2,872,476.80 on May 28–30, 2025, reducing his stake from 5,749,432 shares to 3,217,432 shares (a -44.0% reduction in holdings). The blended average sale price of $1.13 reflects a market environment where the stock is now trading at $1.06, down -64.2% from its 52-week high of $2.96 and -14.5% over the past 30 days. Notably, the company reported negative net income of $-10,649,000.00 and carries a market cap of $31,986,263.20, indicating financial stress. Across his cross-ticker track record, Michael's prior 20 buys averaged +643.6% return over 90 days with a 62.50% win rate, but this sale represents a material reduction in exposure to an unprofitable company during a period of significant stock decline, which stands in contrast to his historical pattern of accumulation and strong subsequent returns.

10% owner Leonard Braden Michael bought 37,000 shares (37.0K) at $5.11 avg on 3/26–3/27; stock now 73.8% below 52-week high at $2.88.

Leonard Braden Michael, a 10% owner, executed 2 separate purchases totaling 37,000 shares for $188,930.54 across March 26–27, acquiring at a blended average price of $5.11 per share. The timing of these purchases is noteworthy: they occurred when ADVM was trading at levels subsequently proven non-durable, as the current price of $2.88 reflects a -73.8% decline from the 52-week high of $11.00. His prior buy on 2025-03-27 (at this same ticker) has already delivered a -43.9% return over the ensuing 30 days, suggesting the recent price action has been adverse to this insider's accumulation. The company's fundamentals are severely challenged: annual revenue has contracted 72.2% year-over-year to only $1,000,000.00 in the latest quarter, with a net loss of $27,134,000.00 and a market cap of $60,164,755.20. The insider's cross-ticker track record shows strong prior returns (avg 90d return +1064.7%), but his same-ticker history at ADVM shows no well-timed 90-day outcomes yet, and his recent activity at this ticker is already underwater on a 30-day basis.

10% owner Leonard Braden Michael purchases 350,000 shares at $3.00 blended for $1,048,950 as stock trades -73.8% from 52-week high amid -72.2% revenue decline

Leonard Braden Michael, a 10% owner, executed 2 separate purchases totaling 350,000 shares for $1,048,950.00 between April 22–23, 2025, at prices of $3.00 and $2.98 during a period of acute price weakness. The company has contracted sharply: revenue declined -72.2% year-over-year to $1,000,000.00 in the latest quarter, net income stands at -$27,134,000.00, and the stock has fallen -73.8% from its 52-week high of $11.34 to a current price of $2.97. Michael's cross-ticker track record shows 20 prior purchases with an average 90-day return of +1064.7% and a 100% win rate, but this pattern is not yet visible at ADVM specifically: his 5 prior buys at this ticker, dating back to March 26–April 2, remain unmeasurable at the 30- and 90-day horizons. The concentration of five buys over an eight-day window in late March through early April, followed immediately by this $1.0M purchase, indicates sustained acquisition activity despite deteriorating fundamentals and continued stock decline, placing conviction against near-term price momentum and operational trends.

10% owner Leonard Braden Michael purchases 34,775 shares across 2 transactions for $147,075.63 at ADVM

Leonard Braden Michael, a 10% owner, executed 2 separate purchases totaling 34,775 shares for $147,075.63 on 2025-03-31 and 2025-04-02 at blended average price $4.23, increasing holdings from 2,722,751 to 2,757,526 shares. This represents a +1.3% net change in his position at a time when the stock trades at $4.26, only 69.9% below its 52-week high of $14.14, suggesting the insider is accumulating at depressed levels relative to recent history. However, context matters: the company generated $1,000,000 revenue last quarter while posting a $-27,134,000 net loss, and across his cross-ticker track record this insider has achieved a 100% 90-day win rate with average 90-day returns of +832.1%, yet at ADVM specifically his 5 prior trades remain unmeasured (outcomes not yet determinable). The timing and scale of these purchases merit monitoring given the company's unprofitable state and the insider's strong historical execution elsewhere, though past performance at other tickers does not guarantee results at this one.

10% Owner Leonard Braden Michael bought 37,000 shares over 2 days for $188,930.54 at $5.11 avg; stock down 69.1% from 52-week high.

Leonard Braden Michael, a 10% shareholder, executed 2 separate purchases totaling 37,000 shares for $188,930.54 ($188.9K) on consecutive days (March 26–27, 2025) at a blended average price of $5.11, increasing his holdings by 35.3% to 141,800 shares. The current price of $4.96 sits 69.1% below the 52-week high of $16.06, suggesting the insider is buying during a severe drawdown. Adverum Biotechnologies is unprofitable (net income of $-27,134,000.00 across the most recent fiscal year) with minimal revenue of $1,000,000.00 in the latest quarter, creating meaningful execution and sustainability risk. The insider's cross-ticker track record shows a 90-day win rate of 81.82% and an average 90-day return of +670.1%, but his prior 5 trades at ADVM remain unmeasurable outcomes, leaving no established pattern of timing accuracy on this specific security.

10% owner Michael purchases 117,941 shares across 4 transactions (Mar 18-20) for $587,574.62; holdings rise to 2.72M shares post-transaction.

Leonard Braden Michael, a 10% shareholder, executed 4 separate purchases totaling 117,941 shares for $587,574.62 over three trading days (Mar 18-20), with a blended average price of $4.98. This represents a 4.5% increase in his holdings, raising his position from 2,604,820 to 2,722,761 shares. His cross-ticker track record shows an exceptionally strong 76.47% win rate with an average 90-day return of +555.2% across 20 prior buys, though these results are spread across multiple companies and are not directly predictive of ADVM performance. At ADVM specifically, Michael completed three prior buys on consecutive days (Feb 26-28), all still in their measurement windows with outcomes not yet available. The company's fundamentals are challenging: revenue stands at $1,000,000.00 while net income is negative at $-27,134,000.00, with the stock trading at $5.60—down 68.4% from its 52-week high of $17.70. The 30-day price action shows a +35.6% gain, suggesting a recent recovery from lower levels near his purchase prices. Investors should track whether this large purchase by a 10% owner—who demonstrates strong historical timing across his broader portfolio—will precede a sustained turnaround at this unprofitable biotech company.