Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green Sells 75,000 Shares

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 75,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $12.31, for a total transaction of $923,250.00. Following the completion of the sale, the chief executive officer now directly owns 151,653 shares in the company, valued at approximately $1,866,848.43. This represents a 33.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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 transaction of $1,228,000.00.
• 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 value of $172,588.65.

Avid Bioservices Price Performance

CDMO opened at $12.28 on Friday. Avid Bioservices, Inc. has a 1 year low of $5.65 and a 1 year high of $12.48. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. The company has a market capitalization of $785.47 million, a price-to-earnings ratio of -5.14 and a beta of 1.44. The firm’s fifty day moving average price is $11.71 and its two-hundred day moving average price is $10.36.

Analysts Set New Price Targets

A number of brokerages have weighed in on CDMO. William Blair reiterated 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 issued a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Stephens cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat, Avid Bioservices currently has a consensus rating of “Hold” and a consensus price target of $12.25.

Institutional Investors Weigh In On Avid Bioservices

Institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC bought a new position in shares of Avid Bioservices during the 3rd quarter worth approximately $38,000. Meeder Asset Management Inc. purchased a new position in Avid Bioservices in the second quarter worth $38,000. Point72 DIFC Ltd bought a new position in Avid Bioservices in the 2nd quarter valued at $57,000. Principal Financial Group Inc. bought a new position in Avid Bioservices in the 2nd quarter valued at $80,000. Finally, TradeLink Capital LLC bought a new stake in shares of Avid Bioservices during the 2nd quarter worth $92,000. 97.16% of the stock is owned by institutional investors.

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.