Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green Sells 145,911 Shares

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 145,911 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $1,783,032.42. Following the sale, the chief executive officer now directly owns 157,620 shares in the company, valued at $1,926,116.40. This trade represents a 48.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Nicholas Stewart Green also recently made the following trade(s):

• On Monday, December 23rd, Nicholas Stewart Green sold 100,000 shares of Avid Bioservices stock. The stock was sold at an average price of $12.28, for a total transaction of $1,228,000.00.
• On Friday, December 20th, Nicholas Stewart Green sold 75,000 shares of Avid Bioservices stock. The shares were sold at an average price of $12.31, for a total transaction of $923,250.00.
• On Thursday, October 10th, Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock. The stock was sold at an average price of $10.05, for a total value of $172,588.65.

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. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. The company has a 50 day moving average price of $11.75 and a 200-day moving average price of $10.38. Avid Bioservices, Inc. has a one year low of $5.65 and a one year high of $12.48. The firm has a market cap of $782.91 million, a price-to-earnings ratio of -5.12 and a beta of 1.44.

Hedge Funds Weigh In On Avid Bioservices

A number of hedge funds have recently bought and sold shares of the business. Meeder Asset Management Inc. bought a new position in Avid Bioservices during the 2nd quarter worth $38,000. Quest Partners LLC acquired a new position in Avid Bioservices in the third quarter valued at about $38,000. Point72 DIFC Ltd bought a new stake in Avid Bioservices during the second quarter worth about $57,000. Principal Financial Group Inc. acquired a new stake in Avid Bioservices during the second quarter worth about $80,000. Finally, TradeLink Capital LLC acquired a new position in shares of Avid Bioservices in the 2nd quarter valued at approximately $92,000. 97.16% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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