Avid Bioservices, Inc. (NASDAQ:CDMO – Get Free Report) insider Richard A. Richieri sold 2,283 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $12.37, for a total transaction of $28,240.71. Following the sale, the insider now owns 49,535 shares in the company, valued at $612,747.95. This trade represents a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Avid Bioservices Price Performance
NASDAQ CDMO opened at $12.42 on Wednesday. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.48. The business’s fifty day moving average is $12.27 and its two-hundred day moving average is $10.86. The stock has a market capitalization of $794.42 million, a P/E ratio of -5.20 and a beta of 1.40. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30.
Analysts Set New Price Targets
A number of research analysts recently commented on the stock. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $12.25.
Institutional Investors Weigh In On Avid Bioservices
A number of institutional investors and hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC acquired a new position in shares of Avid Bioservices in the 4th quarter valued at $308,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Avid Bioservices by 1.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,124,351 shares of the biopharmaceutical company’s stock worth $13,886,000 after buying an additional 11,759 shares during the period. JPMorgan Chase & Co. increased its position in shares of Avid Bioservices by 283.0% in the third quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock worth $1,237,000 after acquiring an additional 80,308 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Avid Bioservices in the third quarter worth approximately $6,194,000. Finally, Franklin Resources Inc. raised its holdings in shares of Avid Bioservices by 11.5% during the third quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock valued at $692,000 after acquiring an additional 6,259 shares during the period. 97.16% of the stock is owned by institutional investors and hedge funds.
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.
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