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 company’s stock in a transaction on Friday, January 10th. The stock was 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 of the company’s stock, valued at approximately $612,747.95. This represents a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Avid Bioservices Stock Performance

CDMO opened at $12.43 on Tuesday. The stock’s 50 day simple moving average is $12.23 and its 200-day simple moving average is $10.82. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. The stock has a market cap of $795.06 million, a PE ratio of -5.20 and a beta of 1.40. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.48.

Institutional Investors Weigh In On Avid Bioservices

Institutional investors and hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC bought a new position in Avid Bioservices during the fourth quarter worth about $308,000. Harbor Capital Advisors Inc. lifted its position in shares of Avid Bioservices by 1.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,124,351 shares of the biopharmaceutical company’s stock worth $13,886,000 after buying an additional 11,759 shares during the period. JPMorgan Chase & Co. boosted its stake in Avid Bioservices by 283.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock valued at $1,237,000 after buying an additional 80,308 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in Avid Bioservices in the 3rd quarter valued at $6,194,000. Finally, Franklin Resources Inc. grew its position in Avid Bioservices by 11.5% in the third quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock valued at $692,000 after acquiring an additional 6,259 shares during the period. Institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

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

About Avid Bioservices

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.