Insider Selling: Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Sells 11,762 Shares of Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CEO Nicholas Stewart Green sold 11,762 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total transaction of $87,038.80. Following the completion of the sale, the chief executive officer now directly owns 203,606 shares in the company, valued at approximately $1,506,684.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avid Bioservices Stock Up 0.6 %

Shares of Avid Bioservices stock opened at $8.25 on Friday. The company’s 50-day moving average price is $7.03 and its 200-day moving average price is $6.52. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $18.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.46 and a quick ratio of 0.31.

Institutional Trading of Avid Bioservices

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in shares of Avid Bioservices by 72.9% in the third quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock worth $10,981,000 after purchasing an additional 490,569 shares during the period. Federated Hermes Inc. bought a new position in Avid Bioservices in the 4th quarter worth about $2,090,000. Roubaix Capital LLC raised its holdings in shares of Avid Bioservices by 374.2% in the 4th quarter. Roubaix Capital LLC now owns 369,158 shares of the biopharmaceutical company’s stock valued at $2,400,000 after acquiring an additional 291,315 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Avid Bioservices during the 4th quarter valued at about $1,259,000. Finally, Rafferty Asset Management LLC boosted its position in shares of Avid Bioservices by 96.6% during the 4th quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company’s stock valued at $2,478,000 after acquiring an additional 187,280 shares during the last quarter. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Royal Bank of Canada boosted their target price on shares of Avid Bioservices from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $14.50.

About Avid Bioservices

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.