Daniel R. Hart Sells 22,813 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $278,774.86. Following the sale, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at $1,356,175.60. This trade represents a 17.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Avid Bioservices Price Performance

CDMO stock opened at $12.24 on Friday. 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 company has a market capitalization of $782.91 million, a P/E ratio of -5.12 and a beta of 1.44. The business has a 50 day simple moving average of $11.75 and a 200-day simple moving average of $10.40. Avid Bioservices, Inc. has a twelve month low of $5.65 and a twelve month high of $12.48.

Institutional Trading of Avid Bioservices

Several institutional investors and hedge funds have recently bought and sold shares of CDMO. Royce & Associates LP increased its stake in Avid Bioservices by 7.8% in the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock valued at $8,981,000 after purchasing an additional 57,111 shares during the period. Emerald Advisers LLC purchased a new position in shares of Avid Bioservices during the third quarter worth about $16,489,000. GSA Capital Partners LLP increased its position in Avid Bioservices by 97.3% in the 3rd quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock valued at $1,742,000 after acquiring an additional 75,473 shares during the period. Phocas Financial Corp. purchased a new stake in Avid Bioservices during the 3rd quarter valued at approximately $2,107,000. Finally, Fisher Asset Management LLC lifted its position in Avid Bioservices by 63.3% during the 3rd quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company’s stock worth $4,564,000 after acquiring an additional 155,419 shares during the period. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report 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 reiterated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, Avid Bioservices presently has a consensus rating of “Hold” and an average price target of $12.25.

Avid Bioservices Company Profile

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.