Avid Bioservices, Inc. (NASDAQ:CDMO) Insider Sells $28,240.71 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 2,283 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $12.37, for a total transaction of $28,240.71. Following the completion of the transaction, the insider now owns 49,535 shares of the company’s stock, valued at approximately $612,747.95. This trade represents a 4.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Avid Bioservices Price Performance

CDMO traded up $0.02 on Monday, hitting $12.43. 832,851 shares of the company’s stock were exchanged, compared to its average volume of 1,149,964. Avid Bioservices, Inc. has a fifty-two week low of $5.90 and a fifty-two week high of $12.48. The stock has a market cap of $795.06 million, a price-to-earnings ratio of -5.20 and a beta of 1.40. The firm has a 50-day moving average price of $12.23 and a 200-day moving average price of $10.82. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58.

Institutional Trading of Avid Bioservices

Hedge funds have recently bought and sold shares of the business. Royce & Associates LP boosted its holdings in shares of Avid Bioservices by 7.8% during the 3rd quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock worth $8,981,000 after purchasing an additional 57,111 shares during the last quarter. Emerald Advisers LLC purchased a new position in Avid Bioservices during the third quarter worth approximately $16,489,000. GSA Capital Partners LLP boosted its stake in Avid Bioservices by 97.3% during the third quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock worth $1,742,000 after buying an additional 75,473 shares during the last quarter. Phocas Financial Corp. purchased a new stake in Avid Bioservices in the 3rd quarter valued at $2,107,000. Finally, Barclays PLC increased its stake in shares of Avid Bioservices by 98.1% in the 3rd quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock worth $1,532,000 after acquiring an additional 66,653 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CDMO. Stephens lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reaffirmed 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. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, Avid Bioservices currently has an average rating of “Hold” and an average target price 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.