Nicholas Stewart Green Sells 17,173 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Avid Bioservices Trading Up 1.5 %

Shares of NASDAQ:CDMO opened at $10.32 on Friday. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48. The business has a 50 day moving average of $10.66 and a 200-day moving average of $8.91. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The stock has a market cap of $658.31 million, a PE ratio of -4.55 and a beta of 1.38.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. The business had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. As a group, equities research analysts forecast that Avid Bioservices, Inc. will post -0.29 earnings per share for the current year.

Hedge Funds Weigh In On Avid Bioservices

Hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in shares of Avid Bioservices by 27.1% during the 4th quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock worth $9,612,000 after purchasing an additional 315,600 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Avid Bioservices by 313.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock worth $2,928,000 after acquiring an additional 310,921 shares during the period. BNP Paribas Financial Markets raised its holdings in Avid Bioservices by 50.8% in the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock valued at $2,081,000 after acquiring an additional 104,573 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Avid Bioservices by 104.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock valued at $412,000 after acquiring an additional 31,450 shares during the period. Finally, AltraVue Capital LLC grew its holdings in shares of Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after purchasing an additional 239,343 shares in the last quarter. 97.16% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CDMO shares. Royal Bank of Canada upped their price target on shares of Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. Finally, Stephens reiterated an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.50.

Avid Bioservices Company Profile

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.