Avid Bioservices, Inc. (NASDAQ:CDMO) Insider Sells $28,240.71 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 2,283 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the completion of the transaction, the insider now owns 49,535 shares in the company, valued at $612,747.95. The trade was a 4.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Avid Bioservices Trading Down 0.2 %

Shares of CDMO stock opened at $12.39 on Thursday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The company’s fifty day moving average price is $12.29 and its two-hundred day moving average price is $10.87. Avid Bioservices, Inc. has a 12 month low of $5.90 and a 12 month high of $12.48.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new stake in Avid Bioservices during the 2nd quarter valued at approximately $38,000. Quest Partners LLC purchased a new position in shares of Avid Bioservices during the 3rd quarter valued at approximately $38,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices during the second quarter worth approximately $57,000. Principal Financial Group Inc. bought a new stake in shares of Avid Bioservices in the second quarter worth $80,000. Finally, Glenmede Trust Co. NA raised its holdings in Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock valued at $199,000 after acquiring an additional 4,812 shares in the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CDMO. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat, Avid Bioservices presently has a consensus 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.