Avid Bioservices, Inc. (NASDAQ:CDMO) Insider Sells $20,411.55 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 2,031 shares of Avid Bioservices stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $20,411.55. Following the transaction, the insider now owns 37,704 shares in the company, valued at $378,925.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Avid Bioservices Trading Up 1.5 %

Shares of NASDAQ CDMO opened at $10.32 on Monday. The business has a 50 day simple moving average of $10.66 and a 200 day simple moving average of $8.92. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48. The stock has a market cap of $658.31 million, a price-to-earnings ratio of -4.55 and a beta of 1.38. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46.

Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The company had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. On average, research analysts predict that Avid Bioservices, Inc. will post -0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CDMO shares. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Stephens reiterated an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a research report on Tuesday, September 10th. Finally, Royal Bank of Canada lifted their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $13.50.

Hedge Funds Weigh In On Avid Bioservices

Hedge funds have recently bought and sold shares of the business. Meeder Asset Management Inc. bought a new stake in shares of Avid Bioservices during the 2nd quarter worth about $38,000. Mather Group LLC. acquired a new stake in shares of Avid Bioservices in the first quarter worth $46,000. Point72 DIFC Ltd bought a new stake in shares of Avid Bioservices during the 2nd quarter worth $57,000. Principal Financial Group Inc. acquired a new position in Avid Bioservices in the 2nd quarter valued at $80,000. Finally, TradeLink Capital LLC bought a new position in Avid Bioservices in the 2nd quarter worth $92,000. 97.16% of the stock is owned by institutional investors and hedge funds.

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.