Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Sells $87,038.80 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 11,762 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total value of $87,038.80. Following the completion of the sale, the chief executive officer now owns 203,606 shares of the company’s stock, valued at $1,506,684.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Avid Bioservices Trading Up 0.6 %

Shares of Avid Bioservices stock opened at $8.25 on Friday. The firm has a market capitalization of $523.71 million, a price-to-earnings ratio of -30.55 and a beta of 1.55. Avid Bioservices, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $18.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.31 and a current ratio of 0.46. The stock has a 50 day moving average of $7.03 and a 200 day moving average of $6.51.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP boosted its position in shares of Avid Bioservices by 394.8% during the first quarter. GSA Capital Partners LLP now owns 92,695 shares of the biopharmaceutical company’s stock worth $621,000 after buying an additional 73,962 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Avid Bioservices by 104.5% during the first quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock worth $412,000 after buying an additional 31,450 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Avid Bioservices by 50.8% during the first quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock worth $2,081,000 after buying an additional 104,573 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Avid Bioservices by 7.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock worth $293,000 after buying an additional 2,900 shares during the period. Finally, Mather Group LLC. purchased a new position in shares of Avid Bioservices during the first quarter worth $46,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada upped their price target on Avid Bioservices from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.50.

Avid Bioservices Company Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.