Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green Sells 75,000 Shares

Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) CEO Nicholas Stewart Green sold 75,000 shares of the company's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $12.31, for a total value of $923,250.00. Following the sale, the chief executive officer now owns 151,653 shares of the company's stock, valued at approximately $1,866,848.43. The trade was a 33.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 value of $1,228,000.00.
• 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 Trading Up 0.2 %

Shares of CDMO stock traded up $0.02 during mid-day trading on Thursday, hitting $12.28. The company's stock had a trading volume of 859,494 shares, compared to its average volume of 1,312,393. The company has a market cap of $785.47 million, a PE ratio of -5.14 and a beta of 1.44. 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's fifty day simple moving average is $11.66 and its 200-day simple moving average is $10.34. Avid Bioservices, Inc. has a 52 week low of $5.65 and a 52 week high of $12.48.

Hedge Funds Weigh In On Avid Bioservices

Several institutional investors have recently added to or reduced their stakes in CDMO. Bank of New York Mellon Corp increased its stake in shares of Avid Bioservices by 8.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 260,313 shares of the biopharmaceutical company's stock valued at $1,859,000 after acquiring an additional 19,960 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company's stock valued at $98,000 after purchasing an additional 3,041 shares during the period. Principal Financial Group Inc. bought a new position in shares of Avid Bioservices during the 2nd quarter worth about $80,000. Rhumbline Advisers grew its stake in shares of Avid Bioservices by 6.1% in the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company's stock valued at $676,000 after buying an additional 5,408 shares during the period. Finally, Rice Hall James & Associates LLC increased its position in Avid Bioservices by 45.8% in the 2nd quarter. Rice Hall James & Associates LLC now owns 570,089 shares of the biopharmaceutical company's stock valued at $4,070,000 after buying an additional 178,992 shares in the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on CDMO. Stephens cut Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 4th. StockNews.com upgraded Avid Bioservices to a "sell" rating in a report on Tuesday, September 10th. Craig Hallum lowered Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. Royal Bank of Canada restated a "sector perform" rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, William Blair reiterated a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average 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.