Avid Bioservices (NASDAQ:CDMO) Shares Pass Above 200 Day Moving Average – Should You Sell?

Avid Bioservices, Inc. (NASDAQ:CDMO) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-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 traded.

Analysts Set New Price Targets

CDMO has been the topic of several research reports. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.25.

Avid Bioservices Trading Up 0.2 %

The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30. The firm has a market cap of $791.86 million, a P/E ratio of -5.18 and a beta of 1.40. The firm has a 50 day simple moving average of $12.10 and a 200 day simple moving average of $10.68.

Insider Buying and Selling

In other news, CEO Nicholas Stewart Green sold 145,911 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 transaction of $1,783,032.42. Following the completion of the sale, the chief executive officer now owns 157,620 shares in the company, valued at approximately $1,926,116.40. This trade represents a 48.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Richard A. Richieri sold 3,843 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $46,961.46. Following the completion of the sale, the insider now directly owns 44,556 shares in the company, valued at $544,474.32. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 347,686 shares of company stock valued at $4,261,227. Company insiders own 3.05% of the company’s stock.

Institutional Trading of Avid Bioservices

A number of hedge funds have recently bought and sold shares 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 stake in Avid Bioservices during the 3rd quarter valued at $38,000. Point72 DIFC Ltd purchased a new stake in Avid Bioservices during the 2nd quarter valued at $57,000. Principal Financial Group Inc. bought a new stake in Avid Bioservices in the 2nd quarter worth $80,000. Finally, TradeLink Capital LLC purchased a new position in shares of Avid Bioservices in the second quarter valued at about $92,000. Institutional investors own 97.16% of the company’s stock.

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.