Avid Bioservices (NASDAQ:CDMO) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $10.64 and traded as high as $12.38. Avid Bioservices shares last traded at $12.35, with a volume of 1,080,841 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CDMO shares. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada restated 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. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.25.

Avid Bioservices Stock Down 0.1 %

The stock has a market cap of $789.94 million, a PE ratio of -5.17 and a beta of 1.40. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. The company has a 50 day moving average price of $12.01 and a two-hundred day moving average price of $10.64.

Insiders Place Their Bets

In related news, insider Richard A. Richieri sold 3,843 shares of Avid Bioservices stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $46,961.46. Following the completion of the sale, the insider now owns 44,556 shares of the company’s stock, valued at $544,474.32. The trade was a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 366,890 shares of company stock valued at $4,454,227. 3.05% of the stock is owned by insiders.

Institutional Investors Weigh In On Avid Bioservices

Hedge funds and other institutional investors have recently made changes to their positions in the business. Emerald Advisers LLC purchased a new position in shares of Avid Bioservices in the third quarter worth approximately $16,489,000. Point72 Asset Management L.P. raised its position in Avid Bioservices by 42.8% in the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock worth $43,424,000 after acquiring an additional 1,142,756 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Avid Bioservices during the 3rd quarter worth $11,953,000. Point72 DIFC Ltd grew its position in shares of Avid Bioservices by 12,530.9% during the 3rd quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock valued at $11,422,000 after acquiring an additional 995,707 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of Avid Bioservices by 5,631.6% in the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after purchasing an additional 713,523 shares in the last quarter. Hedge funds and other institutional investors 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.