Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Sells $278,774.86 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart sold 22,813 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the sale, the chief financial officer now owns 110,980 shares of the company’s stock, valued at $1,356,175.60. This trade represents a 17.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Avid Bioservices Trading Down 0.3 %

Shares of CDMO stock opened at $12.24 on Friday. Avid Bioservices, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $12.48. The company has a quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The business has a fifty day simple moving average of $11.75 and a 200-day simple moving average of $10.40. The stock has a market cap of $782.91 million, a P/E ratio of -5.12 and a beta of 1.44.

Hedge Funds Weigh In On Avid Bioservices

Several hedge funds have recently added to or reduced their stakes in CDMO. Emerald Advisers LLC acquired a new stake in shares of Avid Bioservices in the third quarter valued at approximately $16,489,000. Point72 Asset Management L.P. lifted its stake in Avid Bioservices by 42.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after buying an additional 1,142,756 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in Avid Bioservices during the 3rd quarter valued at $11,953,000. Point72 DIFC Ltd increased its position in Avid Bioservices by 12,530.9% during the third quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock worth $11,422,000 after buying an additional 995,707 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Avid Bioservices by 5,631.6% in the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after acquiring an additional 713,523 shares during the last quarter. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CDMO shares. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Stephens lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note 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’s stock. According to data from MarketBeat, Avid Bioservices presently has an average 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.