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 company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $278,774.86. Following the sale, the chief financial officer now owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. This represents a 17.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Avid Bioservices Trading Down 0.3 %

Shares of NASDAQ CDMO opened at $12.24 on Friday. The firm has a 50 day moving average price of $11.75 and a two-hundred day moving average price of $10.38. The stock has a market cap of $782.91 million, a P/E ratio of -5.12 and a beta of 1.44. Avid Bioservices, Inc. has a 52-week low of $5.65 and a 52-week high of $12.48. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30.

Analyst Upgrades and Downgrades

CDMO has been the subject of a number of research reports. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat, Avid Bioservices has an average rating of “Hold” and a consensus price target of $12.25.

Institutional Trading of Avid Bioservices

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC lifted its holdings in Avid Bioservices by 15.8% during the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock worth $36,411,000 after buying an additional 695,512 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Avid Bioservices by 42.8% in the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock worth $43,424,000 after acquiring an additional 1,142,756 shares during the period. AltraVue Capital LLC boosted its holdings in Avid Bioservices by 7.6% in the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after acquiring an additional 239,343 shares during the last quarter. Portolan Capital Management LLC increased its position in Avid Bioservices by 15.0% during the 3rd quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company’s stock valued at $23,830,000 after purchasing an additional 273,212 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Avid Bioservices by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock worth $16,688,000 after purchasing an additional 34,328 shares during the last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

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.