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

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 3,843 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the transaction, the insider now owns 44,556 shares of the company’s stock, valued at $544,474.32. This represents a 7.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Avid Bioservices Trading Down 0.3 %

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

Hedge Funds Weigh In On Avid Bioservices

A number of institutional investors have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices during the second quarter worth about $38,000. Quest Partners LLC bought a new stake in Avid Bioservices during the third quarter valued at approximately $38,000. Point72 DIFC Ltd bought a new position in shares of Avid Bioservices in the 2nd quarter worth $57,000. Principal Financial Group Inc. bought a new position in shares of Avid Bioservices in the 2nd quarter worth $80,000. Finally, TradeLink Capital LLC purchased a new stake in shares of Avid Bioservices during the 2nd quarter valued at $92,000. 97.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on CDMO shares. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. One 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, the stock has an average rating of “Hold” and a consensus 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.