Avid Bioservices, Inc. (NASDAQ:CDMO) Insider Richard A. Richieri Sells 2,283 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) insider Richard A. Richieri sold 2,283 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the sale, the insider now directly owns 49,535 shares in the company, valued at approximately $612,747.95. This trade represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Avid Bioservices Stock Performance

Shares of CDMO stock opened at $12.43 on Tuesday. Avid Bioservices, Inc. has a fifty-two week low of $5.90 and a fifty-two week high of $12.48. The stock’s 50-day moving average is $12.23 and its two-hundred day moving average is $10.82. 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 firm has a market cap of $795.06 million, a P/E ratio of -5.20 and a beta of 1.40.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CDMO shares. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, Avid Bioservices currently has an average rating of “Hold” and a consensus target price of $12.25.

Hedge Funds Weigh In On Avid Bioservices

A number of hedge funds have recently added to or reduced their stakes in CDMO. Meeder Asset Management Inc. bought a new stake in Avid Bioservices in the second quarter worth approximately $38,000. Quest Partners LLC bought a new stake in Avid Bioservices in the third quarter worth $38,000. Point72 DIFC Ltd acquired a new position in Avid Bioservices during the second quarter worth $57,000. Principal Financial Group Inc. bought a new position in Avid Bioservices during the second quarter valued at about $80,000. Finally, Glenmede Trust Co. NA lifted its position in shares of Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after buying an additional 4,812 shares during the last quarter. Institutional investors and hedge funds 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.