Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) Insider Sells 3,843 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 3,843 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the sale, the insider now directly owns 44,556 shares in the company, valued at $544,474.32. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Avid Bioservices Trading Down 0.3 %

Shares of CDMO traded down $0.04 on Friday, reaching $12.24. 795,777 shares of the company’s stock were exchanged, compared to its average volume of 1,310,326. The business has a 50 day moving average price of $11.75 and a two-hundred day moving average price of $10.38. Avid Bioservices, Inc. has a 12 month low of $5.65 and a 12 month high of $12.48. The stock 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 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

Institutional investors have recently bought and sold shares of the business. Royce & Associates LP lifted its stake in Avid Bioservices by 7.8% in the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock valued at $8,981,000 after buying an additional 57,111 shares during the period. Emerald Advisers LLC bought a new position in Avid Bioservices during the 3rd quarter worth approximately $16,489,000. GSA Capital Partners LLP grew its holdings 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 valued at $1,742,000 after purchasing an additional 75,473 shares during the period. Phocas Financial Corp. bought a new stake in Avid Bioservices in the third quarter valued at approximately $2,107,000. Finally, Fisher Asset Management LLC boosted its position in shares of Avid Bioservices by 63.3% during the third quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company’s stock worth $4,564,000 after purchasing an additional 155,419 shares in the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Analyst Ratings Changes

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