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

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 3,843 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the transaction, the insider now directly owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avid Bioservices Trading Down 0.3 %

Shares of NASDAQ CDMO opened at $12.24 on Friday. Avid Bioservices, Inc. has a 12-month low of $5.65 and a 12-month high of $12.48. The company has a market cap of $782.91 million, a price-to-earnings ratio of -5.12 and a beta of 1.44. 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’s 50 day simple moving average is $11.75 and its 200 day simple moving average is $10.38.

Hedge Funds Weigh In On Avid Bioservices

Several hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC increased its holdings in shares of Avid Bioservices by 15.8% in the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock worth $36,411,000 after acquiring an additional 695,512 shares during the period. Point72 Asset Management L.P. grew its position in Avid Bioservices by 42.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock worth $43,424,000 after purchasing an additional 1,142,756 shares during the last quarter. AltraVue Capital LLC increased its stake in shares of 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 during the period. Portolan Capital Management LLC raised its holdings in shares of Avid Bioservices by 15.0% during the third quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company’s stock valued at $23,830,000 after buying an additional 273,212 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Avid Bioservices by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock worth $16,688,000 after buying an additional 34,328 shares during the period. Institutional investors and hedge funds own 97.16% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CDMO. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Finally, Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, Avid Bioservices has a consensus rating of “Hold” and an average price target 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.