Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green Sells 17,173 Shares

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Avid Bioservices Trading Up 1.5 %

Shares of Avid Bioservices stock opened at $10.32 on Friday. The company’s fifty day simple moving average is $10.66 and its 200-day simple moving average is $8.87. The stock has a market capitalization of $658.31 million, a PE ratio of -4.55 and a beta of 1.38. Avid Bioservices, Inc. has a 1-year low of $4.07 and a 1-year high of $12.48. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $40.17 million for the quarter, compared to analysts’ expectations of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. As a group, equities analysts anticipate that Avid Bioservices, Inc. will post -0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CDMO. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices during the 2nd quarter worth $38,000. Mather Group LLC. purchased a new position in shares of Avid Bioservices during the 1st quarter worth $46,000. Point72 DIFC Ltd purchased a new position in shares of Avid Bioservices during the 2nd quarter worth $57,000. Principal Financial Group Inc. purchased a new position in shares of Avid Bioservices during the 2nd quarter valued at $80,000. Finally, TradeLink Capital LLC purchased a new position in shares of Avid Bioservices during the 2nd quarter valued at $92,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Stephens reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a research report on Tuesday, September 10th. Royal Bank of Canada lifted their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.50.

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.