Nicholas Stewart Green Sells 11,762 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) Stock

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

Avid Bioservices Stock Up 0.6 %

CDMO stock opened at $8.25 on Friday. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $18.86. The company has a fifty day moving average price of $7.03 and a two-hundred day moving average price of $6.52. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04.

Institutional Trading of Avid Bioservices

A number of hedge funds have recently modified their holdings of CDMO. Wellington Management Group LLP raised its holdings in Avid Bioservices by 72.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock valued at $10,981,000 after acquiring an additional 490,569 shares during the period. Vanguard Group Inc. grew its holdings in shares of Avid Bioservices by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock worth $41,791,000 after purchasing an additional 13,190 shares in the last quarter. Artisan Partners Limited Partnership grew its stake in Avid Bioservices by 12.4% during the third quarter. Artisan Partners Limited Partnership now owns 1,672,302 shares of the biopharmaceutical company’s stock worth $15,787,000 after buying an additional 184,930 shares in the last quarter. New York State Common Retirement Fund increased its stake in Avid Bioservices by 16.6% in the third quarter. New York State Common Retirement Fund now owns 991,083 shares of the biopharmaceutical company’s stock valued at $9,356,000 after acquiring an additional 141,173 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. boosted its holdings in shares of Avid Bioservices by 15.1% in the 3rd quarter. Punch & Associates Investment Management Inc. now owns 1,186,639 shares of the biopharmaceutical company’s stock valued at $11,202,000 after purchasing an additional 155,817 shares in the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

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