Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green Sells 75,000 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 75,000 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the sale, the chief executive officer now owns 151,653 shares of the company’s stock, valued at $1,866,848.43. The trade was a 33.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Nicholas Stewart Green also recently made the following trade(s):

• On Thursday, December 26th, Nicholas Stewart Green sold 145,911 shares of Avid Bioservices stock. The shares were sold at an average price of $12.22, for a total value of $1,783,032.42.
• On Monday, December 23rd, Nicholas Stewart Green sold 100,000 shares of Avid Bioservices stock. The stock was sold at an average price of $12.28, for a total value of $1,228,000.00.
• On Thursday, October 10th, Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65.

Avid Bioservices Stock Performance

Shares of CDMO opened at $12.24 on Friday. Avid Bioservices, Inc. has a one year low of $5.65 and a one year high of $12.48. The company has a market cap of $782.91 million, a PE ratio of -5.12 and a beta of 1.44. The stock has a 50-day moving average of $11.75 and a 200-day moving average of $10.38. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05.

Institutional Investors Weigh In On Avid Bioservices

A number of hedge funds have recently added to or reduced their stakes in CDMO. Janney Montgomery Scott LLC grew its position in Avid Bioservices by 2.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock valued at $878,000 after purchasing an additional 1,800 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after buying an additional 3,041 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Avid Bioservices during the third quarter valued at about $38,000. Glenmede Trust Co. NA raised its holdings in shares of Avid Bioservices by 37.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after acquiring an additional 4,812 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new position in Avid Bioservices in the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CDMO shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target 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.