Avid Bioservices (NASDAQ:CDMO) Sees Large Volume Increase – Here’s What Happened

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) saw unusually-strong trading volume on Wednesday . Approximately 697,455 shares traded hands during mid-day trading, a decline of 36% from the previous session’s volume of 1,088,705 shares.The stock last traded at $12.38 and had previously closed at $12.42.

Analyst Ratings Changes

CDMO has been the subject of a number of recent analyst reports. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Stephens lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, Avid Bioservices has a consensus rating of “Hold” and an average target price of $12.25.

Avid Bioservices Stock Down 0.2 %

The company has a 50 day moving average price of $12.27 and a 200-day moving average price of $10.86. The stock has a market capitalization of $793.14 million, a PE ratio of -5.19 and a beta of 1.40. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05.

Insider Activity

In related news, CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the transaction, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at $1,356,175.60. This trade represents a 17.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas Stewart Green sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $12.31, for a total transaction of $923,250.00. Following the transaction, the chief executive officer now directly owns 151,653 shares of the company’s stock, valued at $1,866,848.43. This represents a 33.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 349,850 shares of company stock valued at $4,288,259. Corporate insiders own 3.05% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Royce & Associates LP boosted its stake in Avid Bioservices by 7.8% in 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 in the last quarter. Emerald Advisers LLC bought a new position in shares of Avid Bioservices in the third quarter worth approximately $16,489,000. GSA Capital Partners LLP increased its position in shares of 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 acquiring an additional 75,473 shares in the last quarter. Phocas Financial Corp. bought a new stake in shares of Avid Bioservices during the third quarter valued at approximately $2,107,000. Finally, Barclays PLC raised its holdings in 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. Hedge funds and other 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.