Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) Insider Sells 2,283 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 2,283 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the completion of the sale, the insider now owns 49,535 shares of the company’s stock, valued at approximately $612,747.95. This trade represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Avid Bioservices Stock Performance

NASDAQ CDMO traded up $0.02 during trading hours on Monday, reaching $12.43. The stock had a trading volume of 832,851 shares, compared to its average volume of 1,149,964. Avid Bioservices, Inc. has a 52-week low of $5.90 and a 52-week high of $12.48. The stock has a fifty day moving average of $12.23 and a 200 day moving average of $10.82. 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 stock has a market cap of $795.06 million, a P/E ratio of -5.20 and a beta of 1.40.

Institutional Trading of Avid Bioservices

Large investors have recently made changes to their positions in the business. Royce & Associates LP lifted its position in Avid Bioservices by 7.8% during the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock valued at $8,981,000 after purchasing an additional 57,111 shares during the period. Emerald Advisers LLC purchased a new position in shares of Avid Bioservices during the 3rd quarter valued at about $16,489,000. GSA Capital Partners LLP lifted its holdings in shares of Avid Bioservices by 97.3% in the 3rd quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock valued at $1,742,000 after buying an additional 75,473 shares during the period. Phocas Financial Corp. acquired a new stake in Avid Bioservices during the third quarter worth about $2,107,000. Finally, Barclays PLC raised its position in Avid Bioservices by 98.1% during the third quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock valued at $1,532,000 after acquiring an additional 66,653 shares in the last quarter. 97.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CDMO shares. Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. 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 note on Thursday, November 7th. Finally, Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, Avid Bioservices currently has a consensus rating of “Hold” and a consensus price target 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.