Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green Sells 145,911 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 145,911 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 value of $1,783,032.42. Following the completion of the transaction, the chief executive officer now owns 157,620 shares in the company, valued at $1,926,116.40. This represents a 48.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Nicholas Stewart Green also recently made the following trade(s):

• On Monday, December 23rd, Nicholas Stewart Green sold 100,000 shares of Avid Bioservices stock. The shares were sold at an average price of $12.28, for a total value of $1,228,000.00.
• On Friday, December 20th, Nicholas Stewart Green sold 75,000 shares of Avid Bioservices stock. The stock was sold at an average price of $12.31, for a total value 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 value of $172,588.65.

Avid Bioservices Stock Down 0.3 %

Shares of CDMO stock 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 quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The firm has a fifty day moving average of $11.75 and a 200-day moving average of $10.38. The company has a market capitalization of $782.91 million, a price-to-earnings ratio of -5.12 and a beta of 1.44.

Hedge Funds Weigh In On Avid Bioservices

Large investors have recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in Avid Bioservices by 15.8% in the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after buying an additional 695,512 shares during the last quarter. Point72 Asset Management L.P. lifted its stake 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 valued at $43,424,000 after purchasing an additional 1,142,756 shares during the last quarter. AltraVue Capital LLC boosted its stake in shares of Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after acquiring an additional 239,343 shares during the period. Portolan Capital Management LLC lifted its holdings in 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 valued at $23,830,000 after purchasing an additional 273,212 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in 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 purchasing an additional 34,328 shares during the period. Institutional investors own 97.16% of the company’s stock.

Analyst Ratings Changes

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