Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart Sells 22,813 Shares

Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices 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 $278,774.86. Following the transaction, the chief financial officer now directly owns 110,980 shares in the company, valued at approximately $1,356,175.60. This trade represents a 17.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Avid Bioservices Stock Performance

CDMO traded down $0.04 during trading on Friday, hitting $12.24. The stock had a trading volume of 795,777 shares, compared to its average volume of 1,310,326. Avid Bioservices, Inc. has a twelve month low of $5.65 and a twelve month high of $12.48. The firm has a market capitalization 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. The company’s 50-day moving average price is $11.75 and its 200 day moving average price is $10.38.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CDMO. Millennium Management LLC boosted its holdings in Avid Bioservices by 15.8% in the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after purchasing an additional 695,512 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Avid Bioservices by 42.8% in 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 buying an additional 1,142,756 shares during the period. AltraVue Capital LLC boosted its stake in shares of Avid Bioservices by 7.6% in the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after buying an additional 239,343 shares in the last quarter. Portolan Capital Management LLC grew its holdings in Avid Bioservices by 15.0% during 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 period. Finally, Geode Capital Management LLC raised its position in 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 in the last quarter. 97.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDMO has been the topic of a number of research reports. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.25.

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.