Avid Bioservices, Inc. (NASDAQ:CDMO) Director Sells $82,950.00 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating) Director Richard B. Hancock sold 5,000 shares of the stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $16.59, for a total value of $82,950.00. Following the transaction, the director now owns 39,134 shares of the company’s stock, valued at $649,233.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $17.11 on Monday. The stock has a market cap of $1.07 billion, a P/E ratio of 10.12 and a beta of 1.76. The stock has a 50 day simple moving average of $15.82 and a 200 day simple moving average of $16.11. The company has a current ratio of 1.77, a quick ratio of 1.30 and a debt-to-equity ratio of 0.78. Avid Bioservices, Inc. has a 1-year low of $11.30 and a 1-year high of $22.38.

Avid Bioservices (NASDAQ:CDMO – Get Rating) last released its quarterly earnings results on Tuesday, December 6th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $34.76 million during the quarter, compared to analysts’ expectations of $31.00 million. Avid Bioservices had a return on equity of 3.29% and a net margin of 88.13%. Research analysts anticipate that Avid Bioservices, Inc. will post 0.01 earnings per share for the current year.

Institutional Trading of Avid Bioservices

Hedge funds have recently added to or reduced their stakes in the company. Lakewood Asset Management LLC acquired a new stake in Avid Bioservices during the 4th quarter worth approximately $35,000. Nisa Investment Advisors LLC increased its stake in Avid Bioservices by 387.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,460 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 2,750 shares during the period. US Bancorp DE bought a new position in Avid Bioservices during the 1st quarter worth $76,000. Meeder Asset Management Inc. bought a new position in Avid Bioservices during the 2nd quarter worth $64,000. Finally, Captrust Financial Advisors increased its stake in Avid Bioservices by 170.6% during the 2nd quarter. Captrust Financial Advisors now owns 7,629 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 4,810 shares during the period. 98.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the company. Stephens reduced their price target on Avid Bioservices to $22.00 in a research report on Monday, December 12th. Craig Hallum reduced their price target on Avid Bioservices from $30.00 to $25.00 in a research report on Wednesday, December 7th. StockNews.com raised Avid Bioservices to a “sell” rating in a research report on Wednesday, December 7th. Finally, Royal Bank of Canada cut their price objective on Avid Bioservices from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, December 7th.

Avid Bioservices Company Profile

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Avid Bioservices, Inc engages in the commercial manufacturing. The firm focuses on the biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions and support.