Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Sells $20,912.40 in Stock

Avid Bioservices, Inc. (NASDAQ:CDMO) CFO Daniel R. Hart sold 2,826 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total value of $20,912.40. Following the completion of the transaction, the chief financial officer now directly owns 82,221 shares in the company, valued at $608,435.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Avid Bioservices Price Performance

NASDAQ:CDMO opened at $8.25 on Friday. The firm’s fifty day moving average is $7.03 and its two-hundred day moving average is $6.51. The firm has a market cap of $523.71 million, a price-to-earnings ratio of -30.55 and a beta of 1.55. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.31 and a current ratio of 0.46. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $18.86.

Hedge Funds Weigh In On Avid Bioservices

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Avid Bioservices by 0.3% during the third quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock worth $41,791,000 after acquiring an additional 13,190 shares during the period. Artisan Partners Limited Partnership boosted its position in Avid Bioservices by 12.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,672,302 shares of the biopharmaceutical company’s stock worth $15,787,000 after purchasing an additional 184,930 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Avid Bioservices by 27.1% during the 4th quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock worth $9,612,000 after purchasing an additional 315,600 shares during the period. Punch & Associates Investment Management Inc. increased its holdings in shares of Avid Bioservices by 15.1% during the 3rd quarter. Punch & Associates Investment Management Inc. now owns 1,186,639 shares of the biopharmaceutical company’s stock valued at $11,202,000 after purchasing an additional 155,817 shares in the last quarter. Finally, AWM Investment Company Inc. lifted its stake in shares of Avid Bioservices by 1.7% in the 3rd quarter. AWM Investment Company Inc. now owns 999,926 shares of the biopharmaceutical company’s stock valued at $9,439,000 after purchasing an additional 17,100 shares during the period. Institutional investors and hedge funds own 97.16% of the company’s stock.

Analysts Set New Price Targets

Separately, Royal Bank of Canada boosted their price target on Avid Bioservices from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.