Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Sells $172,588.65 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at $2,277,862.65. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Avid Bioservices Stock Performance

NASDAQ CDMO opened at $10.32 on Monday. The stock’s fifty day moving average is $10.66 and its two-hundred day moving average is $8.92. The firm has a market capitalization of $658.31 million, a P/E 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, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $12.48.

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

Institutional Investors Weigh In On Avid Bioservices

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Creative Planning raised its position in Avid Bioservices by 49.4% in the third quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock valued at $230,000 after purchasing an additional 6,672 shares during the period. SG Americas Securities LLC purchased a new stake in Avid Bioservices in the third quarter valued at $282,000. Point72 DIFC Ltd purchased a new stake in Avid Bioservices in the second quarter valued at $57,000. Cubist Systematic Strategies LLC raised its position in Avid Bioservices by 112.5% in the second quarter. Cubist Systematic Strategies LLC now owns 341,311 shares of the biopharmaceutical company’s stock valued at $2,437,000 after purchasing an additional 180,692 shares during the period. Finally, Point72 Asset Management L.P. raised its position in Avid Bioservices by 51.2% in the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after purchasing an additional 904,733 shares during the period. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CDMO. StockNews.com raised Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Stephens reaffirmed an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada lifted their price target on Avid Bioservices from $8.00 to $12.00 and gave the stock 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 given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.50.

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.