Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Sells 22,813 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart sold 22,813 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $278,774.86. Following the completion of the transaction, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Avid Bioservices Price Performance

CDMO opened at $12.24 on Monday. Avid Bioservices, Inc. has a 1 year low of $5.65 and a 1 year high of $12.48. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. The company has a market capitalization of $782.91 million, a price-to-earnings ratio of -5.12 and a beta of 1.44. The firm’s fifty day moving average price is $11.75 and its two-hundred day moving average price is $10.42.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new stake in Avid Bioservices in the 2nd quarter worth about $38,000. Quest Partners LLC purchased a new position in shares of Avid Bioservices in the 3rd quarter worth approximately $38,000. Point72 DIFC Ltd bought a new position in shares of Avid Bioservices in the second quarter valued at approximately $57,000. Principal Financial Group Inc. purchased a new stake in shares of Avid Bioservices during the second quarter valued at approximately $80,000. Finally, TradeLink Capital LLC bought a new stake in Avid Bioservices during the second quarter worth $92,000. 97.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.25.

Avid Bioservices Company Profile

Avid Bioservices, Inc operates as a contract development and manufacturing organization for the biotechnology and biopharmaceutical industries in the United States. It provides process development and current good manufacturing practice clinical and commercial manufacturing services of biologics, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, regulatory submission and support, upstream and downstream development and optimization, analytical methods development, cell line development, testing, and characterization services.