Nicholas Stewart Green Sells 75,000 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 75,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the sale, the chief executive officer now directly owns 151,653 shares of the company’s stock, valued at $1,866,848.43. The trade was a 33.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Nicholas Stewart Green also recently made the following trade(s):

• On Monday, December 23rd, Nicholas Stewart Green sold 100,000 shares of Avid Bioservices stock. The stock was sold at an average price of $12.28, for a total value of $1,228,000.00.
• On Thursday, October 10th, Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO traded up $0.02 during trading on Thursday, reaching $12.28. The company had a trading volume of 859,494 shares, compared to its average volume of 1,312,393. Avid Bioservices, Inc. has a twelve month low of $5.65 and a twelve month high of $12.48. The firm has a market capitalization of $785.47 million, a PE ratio of -5.14 and a beta of 1.44. The firm’s fifty day moving average is $11.66 and its 200 day moving average is $10.34. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CDMO shares. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, 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. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, Avid Bioservices currently has an average rating of “Hold” and an average price target of $12.25.

Institutional Investors Weigh In On Avid Bioservices

Several hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its stake in Avid Bioservices by 15.8% in the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock worth $36,411,000 after purchasing an additional 695,512 shares during the period. Point72 Asset Management L.P. raised its position in Avid Bioservices by 42.8% during the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after buying an additional 1,142,756 shares during the period. AltraVue Capital LLC boosted its position in Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after acquiring an additional 239,343 shares during the period. Portolan Capital Management LLC grew its stake in Avid Bioservices by 15.0% during the 3rd quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company’s stock valued at $23,830,000 after acquiring an additional 273,212 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Avid Bioservices by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock valued at $16,688,000 after purchasing an additional 34,328 shares during the period. 97.16% of the stock is owned by hedge funds and other institutional investors.

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.