Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Sells 100,000 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 100,000 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $12.28, for a total value of $1,228,000.00. Following the transaction, the chief executive officer now owns 51,653 shares of the company’s stock, valued at approximately $634,298.84. This represents a 65.94 % 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 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 transaction of $923,250.00.
• On Thursday, October 10th, Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65.

Avid Bioservices Stock Up 0.2 %

Shares of NASDAQ CDMO opened at $12.28 on Friday. The stock has a market cap of $785.47 million, a P/E ratio of -5.14 and a beta of 1.44. The business’s fifty day simple moving average is $11.71 and its 200-day simple moving average is $10.36. Avid Bioservices, Inc. has a 12-month low of $5.65 and a 12-month high of $12.48. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CDMO shares. Stephens cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research 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 restated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.25.

Institutional Investors Weigh In On Avid Bioservices

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

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.