Avid Bioservices (NASDAQ:CDMO) Stock Crosses Above 200 Day Moving Average – Should You Sell?

Avid Bioservices, Inc. (NASDAQ:CDMO)’s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $10.64 and traded as high as $12.38. Avid Bioservices shares last traded at $12.35, with a volume of 1,080,841 shares trading hands.

Analyst Ratings Changes

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

Avid Bioservices Trading Down 0.1 %

The firm’s 50-day simple moving average is $12.01 and its 200-day simple moving average is $10.64. The firm has a market capitalization of $789.94 million, a PE ratio of -5.17 and a beta of 1.40. The company has a quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This represents a 7.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Daniel R. Hart sold 22,813 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the transaction, the chief financial officer now owns 110,980 shares in the company, valued at $1,356,175.60. The trade was a 17.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 366,890 shares of company stock worth $4,454,227 in the last ninety days. 3.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avid Bioservices

Several institutional investors and hedge funds have recently bought and sold shares of CDMO. Meeder Asset Management Inc. purchased a new stake in Avid Bioservices in the second quarter worth $38,000. Quest Partners LLC purchased a new stake in shares of Avid Bioservices in the 3rd quarter worth about $38,000. Point72 DIFC Ltd bought a new stake in shares of Avid Bioservices during the 2nd quarter valued at about $57,000. Principal Financial Group Inc. purchased a new position in shares of Avid Bioservices during the second quarter valued at about $80,000. Finally, TradeLink Capital LLC bought a new position in Avid Bioservices in the second quarter worth about $92,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

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.