Avid Bioservices (NASDAQ:CDMO) Share Price Passes Above 200 Day Moving Average - Should You Sell?

Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $10.64 and traded as high as $12.38. Avid Bioservices shares last traded at $12.35, with a volume of 1,080,841 shares traded.

Analyst Upgrades and Downgrades

CDMO has been the topic of several research reports. StockNews.com raised Avid Bioservices to a "sell" rating in a report on Tuesday, September 10th. Craig Hallum downgraded Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. William Blair reissued a "market perform" rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens lowered shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $12.50 price target (up previously 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 assigned a hold rating to the company. Based on data from MarketBeat, Avid Bioservices has an average rating of "Hold" and a consensus target price of $12.25.

Avid Bioservices Price Performance

The stock has a market capitalization of $791.86 million, a price-to-earnings ratio of -5.18 and a beta of 1.40. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. The stock has a 50-day simple moving average of $12.05 and a 200 day simple moving average of $10.67.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, insider Richard A. Richieri sold 3,843 shares of the company's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $46,961.46. Following the transaction, the insider now directly owns 44,556 shares of the company's stock, valued at $544,474.32. This represents a 7.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nicholas Stewart Green sold 75,000 shares of the business'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 value of $923,250.00. Following the completion of the sale, the chief executive officer now directly 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 366,890 shares of company stock worth $4,454,227. 3.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new stake in shares of Avid Bioservices in the second quarter worth about $38,000. Quest Partners LLC bought a new stake in Avid Bioservices during the third quarter valued at about $38,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices in the second quarter valued at about $57,000. Principal Financial Group Inc. bought a new position in shares of Avid Bioservices in the second quarter worth about $80,000. Finally, TradeLink Capital LLC acquired a new position in shares of Avid Bioservices during the 2nd quarter worth about $92,000. Institutional investors own 97.16% of the company's stock.

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.