Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Sells $1,228,000.00 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 100,000 shares of Avid Bioservices stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $12.28, for a total value of $1,228,000.00. Following the completion of the transaction, the chief executive officer now directly owns 51,653 shares in the company, valued at $634,298.84. This trade represents a 65.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, December 26th, Nicholas Stewart Green sold 145,911 shares of Avid Bioservices stock. The shares were sold at an average price of $12.22, for a total transaction of $1,783,032.42.
• 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 transaction of $172,588.65.

Avid Bioservices Price Performance

Shares of NASDAQ CDMO opened at $12.24 on Friday. 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 has a 50 day simple moving average of $11.75 and a two-hundred day simple moving average of $10.40. Avid Bioservices, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $12.48. The company has a market capitalization of $782.91 million, a price-to-earnings ratio of -5.12 and a beta of 1.44.

Analyst Ratings Changes

CDMO has been the topic of several research analyst reports. Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Stephens cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, Avid Bioservices presently has a consensus rating of “Hold” and a consensus target price of $12.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDMO. JPMorgan Chase & Co. grew its stake in shares of Avid Bioservices by 283.0% in the third quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock worth $1,237,000 after acquiring an additional 80,308 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in Avid Bioservices in the 3rd quarter worth about $6,194,000. Franklin Resources Inc. grew its position in Avid Bioservices by 11.5% during the 3rd quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock valued at $692,000 after purchasing an additional 6,259 shares during the last quarter. Barclays PLC increased its stake in Avid Bioservices by 98.1% during the 3rd quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock valued at $1,532,000 after purchasing an additional 66,653 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings 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 buying an additional 34,328 shares during the last quarter. Institutional investors own 97.16% of the company’s stock.

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.