Avid Bioservices, Inc. (NASDAQ:CDMO) Insider Richard A. Richieri Sells 3,843 Shares

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 3,843 shares of the 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 completion of the sale, the insider now owns 44,556 shares of the company’s stock, valued at $544,474.32. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Avid Bioservices Stock Down 0.3 %

Shares of NASDAQ CDMO traded down $0.04 during midday trading on Friday, reaching $12.24. The company’s stock had a trading volume of 795,777 shares, compared to its average volume of 1,310,326. The stock has a 50 day simple moving average of $11.75 and a 200-day simple moving average of $10.38. 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 market capitalization of $782.91 million, a price-to-earnings ratio of -5.12 and a beta of 1.44. Avid Bioservices, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $12.48.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Avid Bioservices

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its stake in shares of Avid Bioservices by 15.8% during the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock worth $36,411,000 after buying an additional 695,512 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Avid Bioservices by 42.8% during the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after purchasing an additional 1,142,756 shares during the last quarter. AltraVue Capital LLC grew its stake in Avid Bioservices by 7.6% in the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after purchasing an additional 239,343 shares in the last quarter. Portolan Capital Management LLC increased its position in shares of Avid Bioservices by 15.0% during the 3rd quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company’s stock worth $23,830,000 after purchasing an additional 273,212 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Avid Bioservices by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock worth $16,688,000 after purchasing an additional 34,328 shares in the last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

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.