Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Sells 75,000 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 75,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the sale, the chief executive officer now owns 151,653 shares in the company, valued at $1,866,848.43. This represents a 33.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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 stock was sold at an average price of $12.28, for a total transaction of $1,228,000.00.
• 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 Performance

NASDAQ:CDMO opened at $12.28 on Friday. The business’s 50-day moving average price is $11.71 and its two-hundred day moving average price is $10.36. Avid Bioservices, Inc. has a twelve month low of $5.65 and a twelve month high of $12.48. The stock has a market cap of $785.47 million, a P/E ratio of -5.14 and a beta of 1.44. The company has a quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CDMO. Meeder Asset Management Inc. purchased a new position in Avid Bioservices in the 2nd quarter worth approximately $38,000. Quest Partners LLC bought a new position in Avid Bioservices in the third quarter valued at $38,000. Point72 DIFC Ltd bought a new position in Avid Bioservices in the second quarter valued at $57,000. Principal Financial Group Inc. purchased a new stake in Avid Bioservices during the second quarter valued at about $80,000. Finally, TradeLink Capital LLC bought a new stake in Avid Bioservices during the second quarter worth about $92,000. 97.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CDMO shares. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, Avid Bioservices currently has an average rating of “Hold” and a consensus target price 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.