Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) Insider Sells $46,961.46 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 3,843 shares of the company’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 $46,961.46. Following the completion of the sale, the insider now owns 44,556 shares in the company, valued at approximately $544,474.32. This represents a 7.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Avid Bioservices Stock Down 0.3 %

Shares of NASDAQ CDMO opened at $12.24 on Monday. The firm has a market cap of $782.91 million, a P/E ratio of -5.12 and a beta of 1.44. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30. Avid Bioservices, Inc. has a 1 year low of $5.65 and a 1 year high of $12.48. The firm’s 50 day moving average price is $11.75 and its 200 day moving average price is $10.42.

Institutional Investors Weigh In On Avid Bioservices

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC lifted its position in Avid Bioservices by 15.8% during the second 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. increased its stake in shares of Avid Bioservices by 42.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after acquiring an additional 1,142,756 shares during the last quarter. AltraVue Capital LLC lifted its holdings in shares of Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after acquiring an additional 239,343 shares during the period. Portolan Capital Management LLC boosted its position in shares of Avid Bioservices by 15.0% in the third quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company’s stock worth $23,830,000 after acquiring an additional 273,212 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Avid Bioservices by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock worth $16,688,000 after acquiring an additional 34,328 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

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

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.