Home Stock Earnings A company insider recently sold 7,493 shares of Avid Bioservices Inc. [CDMO]. Should You also Consider to Sale?

A company insider recently sold 7,493 shares of Avid Bioservices Inc. [CDMO]. Should You also Consider to Sale?

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A company insider recently sold 7,493 shares of Avid Bioservices Inc. [CDMO]. Should You also Consider to Sale?
CHWY Stock

Avid Bioservices Inc.’s recent filing unveils that its President & CEO Green Nicholas Stewart unloaded Company’s shares for reported $0.13 million on Oct 10. In the deal valued at $17.90 per share,7,493 shares were sold. As a result of this transaction, Green Nicholas Stewart now holds 76,615 shares worth roughly $ 1.02 million.


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Then, Hart Daniel R sold 1,262 shares, generating $22,590 in total proceeds. Upon selling the shares at $17.90, the Chief Financial Officer now owns 47,020 shares.

Before that, Hancock Richard B sold 5,000 shares. Avid Bioservices Inc. shares valued at $92,134 were divested by the Director at a price of $18.43 per share. As a result of the transaction, Hancock Richard B now holds 36,881 shares, worth roughly $0.49 million.

KeyBanc Capital Markets downgraded its Avid Bioservices Inc. [CDMO] rating to a Sector weight from a an Overweight in a research note published on Monday. A number of analysts have revised their coverage, including RBC Capital Mkts’s analysts, who began to cover the stock in mid March with a ‘”an Outperform”‘ rating. KeyBanc Capital Markets began covering CDMO with “an Overweight” recommendation on November 10, 2020. First Analysis Sec revised its rating on December 10, 2019. It rated CDMO as “a Strong buy” which previously was an “an Outperform”.

Price Performance Review of CDMO

On Monday, Avid Bioservices Inc. [NASDAQ:CDMO] saw its stock fall -3.28% to $13.25. On the same session, the stock had its day’s lowest price of $12.94, but rose to a high of $13.79. Over the last five days, the stock has lost -21.78%. Avid Bioservices Inc. shares have fallen nearly -54.59% since the year began. Nevertheless, the stocks have fallen -61.23% over the past one year. While a 52-week high of $34.51 was reached on 01/03/22, a 52-week low of $11.30 was recorded on 05/12/22. SMA at 50 days reached $17.29, while 200 days put it at $17.38. A total of 0.91 million shares were traded, compared to the trading of 0.41 million shares in the previous session.

Levels Of Support And Resistance For CDMO Stock

The 24-hour chart illustrates a support level at 12.86, which if violated will result in even more drops to 12.48. On the upside, there is a resistance level at 13.71. A further resistance level may holdings at 14.18. The Relative Strength Index (RSI) on the 14-day chart is 31.72, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.70, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 93.65%. Stochastics %K at 8.15% indicates the stock is a buying.

How much short interest is there in Avid Bioservices Inc.?

A steep rise in short interest was recorded in Avid Bioservices Inc. stocks on Jul 14, 2022, dropping by -0.3 million shares to a total of 5.63 million shares. Yahoo Finance data shows the prior-month short interest on Jun 14, 2022 was 5.93 million shares. There was a decline of -5.33%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 10.59% of the overall stock float, the days-to-cover ratio (short ratio) fell to 8.46.

Avid Bioservices Inc. [CDMO] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 8,845,684 shares, or roughly 14.23% of the outstanding CDMO shares. In other words, the investor’s shares have fallen by -55,625 from its previous 13-F filing of 8901309.0. Additionally, Fidelity Management & Research Co decreased -24.46% of its stake after which the total value it holdings stand at $86,126,575, while SSgA Funds Management, Inc. reduced -2.81% of its stake to hold $81.82 million in the firm. Over the last quarter, The Vanguard Group, Inc. sold -168,446 shares of Avid Bioservices Inc., while Jennison Associates LLC sold 1,005,100 shares. At present, AltraVue Capital LLC is holding 2,735,240 shares valued at $52.3 million. Tappan Street Partners LLC owned 2,181,379 shares of the company at the time of its most recent 13F filing, worth $41.71 million.

According to FactSet, Avid Bioservices Inc.’s share price will average $26.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 89.78 percent from its previous closing price of $13.70. Analysts expect Avid Bioservices Inc. stock to reach the higher price of $30.00, while the lowest price estimate is $22.00. The most recent change occurred on October 17, 2019 when Stephens began covering the stock and recommended ‘”an Overweight”‘ rating along with a $8 price target.

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