Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Sells $278,774.86 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart sold 22,813 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $278,774.86. Following the completion of the transaction, the chief financial officer now directly owns 110,980 shares in the company, valued at $1,356,175.60. The trade was a 17.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Avid Bioservices Stock Down 0.3 %

CDMO stock opened at $12.24 on Monday. Avid Bioservices, Inc. has a 52 week low of $5.65 and a 52 week high of $12.48. The business has a 50-day simple moving average of $11.75 and a 200 day simple moving average of $10.42. The company has a quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The company has a market cap of $782.91 million, a PE ratio of -5.12 and a beta of 1.44.

Hedge Funds Weigh In On Avid Bioservices

Several hedge funds and other institutional investors have recently made changes to their positions in CDMO. Meeder Asset Management Inc. acquired a new stake in shares of Avid Bioservices during the 2nd quarter worth approximately $38,000. Quest Partners LLC bought a new stake in Avid Bioservices during the third quarter worth $38,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices in the 2nd quarter valued at $57,000. Principal Financial Group Inc. bought a new position in shares of Avid Bioservices in the 2nd quarter valued at $80,000. Finally, TradeLink Capital LLC acquired a new position in shares of Avid Bioservices during the 2nd quarter worth $92,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $12.50 target price (up from $12.00) 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 given a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus 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.