Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) Director Sells $80,000.00 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMOGet Rating) Director Richard B. Hancock sold 5,000 shares of the stock in a transaction on Thursday, January 12th. The shares were sold at an average price of $16.00, for a total transaction of $80,000.00. Following the completion of the transaction, the director now owns 39,134 shares of the company’s stock, valued at approximately $626,144. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Avid Bioservices Stock Up 0.5 %

Shares of NASDAQ:CDMO opened at $16.31 on Monday. Avid Bioservices, Inc. has a 12 month low of $11.30 and a 12 month high of $22.83. The company’s 50-day moving average price is $14.34 and its two-hundred day moving average price is $16.57. The company has a quick ratio of 1.30, a current ratio of 1.77 and a debt-to-equity ratio of 0.78. The firm has a market cap of $1.02 billion, a P/E ratio of 9.65 and a beta of 1.77.

Avid Bioservices (NASDAQ:CDMOGet Rating) last issued its quarterly earnings data on Tuesday, December 6th. The biopharmaceutical company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Avid Bioservices had a net margin of 88.13% and a return on equity of 3.29%. The firm had revenue of $34.76 million for the quarter, compared to analyst estimates of $31.00 million. As a group, research analysts forecast that Avid Bioservices, Inc. will post 0.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CDMO. Craig Hallum dropped their price objective on shares of Avid Bioservices from $30.00 to $25.00 in a research note on Wednesday, December 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Wednesday, December 7th. Stephens lowered their target price on shares of Avid Bioservices to $22.00 in a report on Monday, December 12th. Finally, Royal Bank of Canada lowered their target price on shares of Avid Bioservices from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, December 7th.

Institutional Investors Weigh In On Avid Bioservices

A number of hedge funds have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky bought a new stake in Avid Bioservices during the 3rd quarter worth about $356,000. Baird Financial Group Inc. boosted its stake in shares of Avid Bioservices by 1.8% in the 3rd quarter. Baird Financial Group Inc. now owns 83,737 shares of the biopharmaceutical company’s stock valued at $1,601,000 after purchasing an additional 1,500 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Avid Bioservices by 2.1% in the 3rd quarter. Alliancebernstein L.P. now owns 69,271 shares of the biopharmaceutical company’s stock valued at $1,324,000 after purchasing an additional 1,393 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Avid Bioservices by 5.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 63,920 shares of the biopharmaceutical company’s stock valued at $1,222,000 after purchasing an additional 3,259 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Avid Bioservices by 7.0% in the 3rd quarter. Vanguard Group Inc. now owns 4,218,925 shares of the biopharmaceutical company’s stock valued at $80,667,000 after purchasing an additional 275,783 shares during the last quarter. Institutional investors own 98.95% of the company’s stock.

Avid Bioservices Company Profile

(Get Rating)

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. The company produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.

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Insider Buying and Selling by Quarter for Avid Bioservices (NASDAQ:CDMO)

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