Avid Bioservices Inc.’s recent filing unveils that its President & CEO Green Nicholas Stewart unloaded Company’s shares for reported $0.25 million on Jul 31. In the deal valued at $12.99 per share,19,519 shares were sold. As a result of this transaction, Green Nicholas Stewart now holds 145,844 shares worth roughly $ 1.82 million.
Then, Richieri Richard A. sold 2,734 shares, generating $36,636 in total proceeds. Upon selling the shares at $13.40, the Chief Operations Officer now owns 4,035 shares.
Before that, Kwietniak Matthew R. sold 252 shares. Avid Bioservices Inc. shares valued at $3,430 were divested by the Chief Commercial Officer at a price of $13.61 per share. As a result of the transaction, Kwietniak Matthew R. now holds 15,984 shares, worth roughly $0.2 million.
KeyBanc Capital Markets upgraded its Avid Bioservices Inc. [CDMO] rating to an Overweight from a a Sector weight in a research note published on Friday. PT values the company’s stock at a premium of 37.5 to its Friday closing price.
Price Performance Review of CDMO
On Friday, Avid Bioservices Inc. [NASDAQ:CDMO] saw its stock jump 5.93% to $12.50. On the same session, the stock had its day’s lowest price of $11.89, but rose to a high of $12.54. Over the last five days, the stock has gained 3.82%. Avid Bioservices Inc. shares have fallen nearly -9.22% since the year began. Nevertheless, the stocks have fallen -27.41% over the past one year. While a 52-week high of $21.05 was reached on 04/13/23, a 52-week low of $11.34 was recorded on 08/07/23. SMA at 50 days reached $12.84, while 200 days put it at $15.47. A total of 0.37 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 12.08, which if violated will result in even more drops to 11.66. On the upside, there is a resistance level at 12.73. A further resistance level may holdings at 12.96. The Relative Strength Index (RSI) on the 14-day chart is 50.92, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.06, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 30.23%. Stochastics %K at 37.68% indicates the stock is a holding.
How much short interest is there in Avid Bioservices Inc.?
A steep rise in short interest was recorded in Avid Bioservices Inc. stocks on Aug 14, 2023, dropping by -0.42 million shares to a total of 5.08 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 5.5 million shares. There was a decline of -8.27%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 9.60% of the overall stock float, the days-to-cover ratio (short ratio) fell to 9.52.
Avid Bioservices Inc. [CDMO] – Who Are The Largest Shareholders?
In filings from BlackRock Fund Advisors, it is revealed that the company now owns 9,105,386 shares, or roughly 14.52% of the outstanding CDMO shares. In other words, the investor’s shares have risen by 84,349 from its previous 13-F filing of 9021037.0. Additionally, The Vanguard Group, Inc. increased 0.31% of its stake after which the total value it holdings stand at $53,707,784, while T. Rowe Price Investment Manageme added 4.76% of its stake to hold $49.57 million in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 142,442 shares of Avid Bioservices Inc., while AltraVue Capital LLC bought 15,090 shares. At present, Jennison Associates LLC is holding 3,091,844 shares valued at $39.14 million. Ranger Investment Management LP owned 2,376,557 shares of the company at the time of its most recent 13F filing, worth $30.09 million.
According to FactSet, Avid Bioservices Inc.’s share price will average $19.75 in the next year, based on opinions of analysts polled by the firm. This is up nearly 69.49 percent from its previous closing price of $11.80. Analysts expect Avid Bioservices Inc. stock to reach the higher price of $22.00, while the lowest price estimate is $17.00. However, 4 analysts have rated CDMO stock as a Buy in their predictions for 2023.