Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Sells $1,783,032.42 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 145,911 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $1,783,032.42. Following the transaction, the chief executive officer now directly owns 157,620 shares in the company, valued at $1,926,116.40. The trade was a 48.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, December 23rd, Nicholas Stewart Green sold 100,000 shares of Avid Bioservices stock. The shares were sold at an average price of $12.28, for a total transaction of $1,228,000.00.
• 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 value 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 value of $172,588.65.

Avid Bioservices Stock Performance

NASDAQ CDMO opened at $12.24 on Monday. The firm has a market cap of $782.91 million, a P/E ratio of -5.12 and a beta of 1.44. 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’s 50 day moving average is $11.75 and its 200-day moving average is $10.42. Avid Bioservices, Inc. has a 12-month low of $5.65 and a 12-month high of $12.48.

Institutional Investors Weigh In On Avid Bioservices

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Emerald Advisers LLC bought a new position in shares of Avid Bioservices in the third quarter worth $16,489,000. Point72 Asset Management L.P. lifted its holdings in Avid Bioservices by 42.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock worth $43,424,000 after purchasing an additional 1,142,756 shares in the last quarter. Emerald Mutual Fund Advisers Trust bought a new position in Avid Bioservices in the 3rd quarter worth about $11,953,000. Point72 DIFC Ltd grew its holdings in Avid Bioservices by 12,530.9% during the 3rd quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock valued at $11,422,000 after buying an additional 995,707 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Avid Bioservices by 5,631.6% during the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after buying an additional 713,523 shares during the period. Institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CDMO. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.25.

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.