Avid Bioservices (NASDAQ:CDMO) Shares Cross Above 200-Day Moving Average – Time to Sell?

Avid Bioservices, Inc. (NASDAQ:CDMO) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $10.64 and traded as high as $12.38. Avid Bioservices shares last traded at $12.35, with a volume of 1,080,841 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CDMO shares. Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report 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 currently has an average rating of “Hold” and an average price target of $12.25.

Avid Bioservices Stock Performance

The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. The company has a market capitalization of $791.86 million, a PE ratio of -5.18 and a beta of 1.40. The company has a 50 day moving average of $12.10 and a two-hundred day moving average of $10.68.

Insider Activity at Avid Bioservices

In related news, CFO Daniel R. Hart sold 22,813 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $278,774.86. Following the transaction, the chief financial officer now owns 110,980 shares in the company, valued at $1,356,175.60. The trade was a 17.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nicholas Stewart Green sold 75,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $12.31, for a total transaction of $923,250.00. Following the sale, the chief executive officer now directly owns 151,653 shares in the company, valued at $1,866,848.43. This trade represents a 33.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 347,686 shares of company stock valued at $4,261,227 in the last three months. Company insiders own 3.05% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CDMO. Bank of New York Mellon Corp raised its holdings in Avid Bioservices by 8.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 260,313 shares of the biopharmaceutical company’s stock worth $1,859,000 after acquiring an additional 19,960 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after buying an additional 3,041 shares during the last quarter. Principal Financial Group Inc. bought a new stake in Avid Bioservices in the 2nd quarter worth about $80,000. Rhumbline Advisers raised its position in Avid Bioservices by 6.1% in the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock worth $676,000 after buying an additional 5,408 shares during the last quarter. Finally, Rice Hall James & Associates LLC lifted its stake in Avid Bioservices by 45.8% during the 2nd quarter. Rice Hall James & Associates LLC now owns 570,089 shares of the biopharmaceutical company’s stock valued at $4,070,000 after acquiring an additional 178,992 shares during the period. Institutional investors own 97.16% of the company’s stock.

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.