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

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 3,843 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the sale, the insider now directly owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. This trade represents a 7.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Avid Bioservices Stock Down 0.3 %

NASDAQ CDMO opened at $12.24 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $12.48. The business has a 50 day moving average price of $11.75 and a two-hundred day moving average price of $10.42. The stock has a market cap of $782.91 million, a PE ratio of -5.12 and a beta of 1.44.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its holdings in Avid Bioservices by 2.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock worth $878,000 after buying an additional 1,800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after acquiring an additional 3,041 shares in the last quarter. Quest Partners LLC purchased a new position in Avid Bioservices in the third quarter valued at about $38,000. Glenmede Trust Co. NA grew its stake in Avid Bioservices by 37.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock valued at $199,000 after purchasing an additional 4,812 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in Avid Bioservices during the 2nd quarter worth approximately $38,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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