Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Sells 145,911 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 145,911 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $1,783,032.42. Following the sale, the chief executive officer now owns 157,620 shares of the company’s stock, valued at approximately $1,926,116.40. This represents a 48.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Nicholas Stewart Green also recently made the following trade(s):

• On Monday, December 23rd, Nicholas Stewart Green sold 100,000 shares of Avid Bioservices stock. The shares were sold at an average price of $12.28, for a total value of $1,228,000.00.
• On Friday, December 20th, Nicholas Stewart Green sold 75,000 shares of Avid Bioservices stock. The shares were sold at an average price of $12.31, for a total value of $923,250.00.
• On Thursday, October 10th, Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65.

Avid Bioservices Stock Down 0.3 %

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

Analyst Ratings Changes

Several brokerages have weighed in on CDMO. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 price target (up from $12.00) 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. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, Avid Bioservices presently has an average rating of “Hold” and a consensus target price of $12.25.

Hedge Funds Weigh In On Avid Bioservices

Several hedge funds and other institutional investors have recently modified their holdings of CDMO. Emerald Advisers LLC bought a new stake in shares of Avid Bioservices during the 3rd quarter worth $16,489,000. Point72 Asset Management L.P. lifted its holdings 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 last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Avid Bioservices in the 3rd quarter valued at approximately $11,953,000. Point72 DIFC Ltd grew its holdings in shares of Avid Bioservices by 12,530.9% during the 3rd quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock valued at $11,422,000 after purchasing an additional 995,707 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Avid Bioservices by 5,631.6% during the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after purchasing an additional 713,523 shares in the last quarter. Institutional investors own 97.16% of the company’s stock.

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.