Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart Sells 22,813 Shares

Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart sold 22,813 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction 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 $1,356,175.60. This represents a 17.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Avid Bioservices Stock Down 0.3 %

Shares of NASDAQ:CDMO traded down $0.04 on Friday, hitting $12.24. 795,777 shares of the company’s stock were exchanged, compared to its average volume of 1,310,326. Avid Bioservices, Inc. has a 1-year low of $5.65 and a 1-year high of $12.48. The company has a market capitalization of $782.91 million, a PE ratio of -5.12 and a beta of 1.44. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30. The firm’s 50-day moving average is $11.75 and its 200 day moving average is $10.38.

Institutional Investors Weigh In On Avid Bioservices

Several institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in Avid Bioservices by 283.0% in the third quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock valued at $1,237,000 after purchasing an additional 80,308 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Avid Bioservices in the 3rd quarter valued at $6,194,000. Franklin Resources Inc. grew its position in shares of Avid Bioservices by 11.5% in the 3rd quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock valued at $692,000 after buying an additional 6,259 shares during the last quarter. Barclays PLC raised its stake in Avid Bioservices by 98.1% during the 3rd quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock worth $1,532,000 after acquiring an additional 66,653 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Avid Bioservices by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock valued at $16,688,000 after acquiring an additional 34,328 shares during the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $12.25.

About Avid Bioservices

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.