Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Avid Bioservices Inc shares valued at $1,855 were sold by Kwietniak Matthew R. on Jan 12 ’24. At $6.77 per share, Kwietniak Matthew R. sold 274 shares. The insider’s holdings dropped to 19,829 shares worth approximately $0.14 million following the completion of this transaction.
Also, Hart Daniel R sold 2,408 shares, netting a total of over 14,857 in proceeds. Following the sale of shares at $6.17 each, the insider now holds 79,305 shares.
Before that, Ziebell Mark R had sold 1,346 shares from its account. In a trade valued at $8,305, the V. P., General Counsel traded Avid Bioservices Inc shares for $6.17 each. Upon closing the transaction, the insider’s holdings decreased to 1,346 shares, worth approximately $0.44 million.
As published in their initiating research note from William Blair on September 28, 2023, Avid Bioservices Inc [CDMO] has been a Mkt perform. Analysts at KeyBanc Capital Markets upgraded the stock from ‘”a Sector weight”‘ to ‘”an Overweight”‘ outlook in a report released in mid March. As of December 08, 2021, KeyBanc Capital Markets has decreased its “an Overweight” rating to a “Sector weight” for CDMO. Earlier on March 17, 2021, RBC Capital Mkts initiated its rating. Their recommendation was “an Outperform” for CDMO stock.
Analyzing CDMO Stock Performance
During the last five days, there has been a surge of approximately 4.70%. Over the course of the year, Avid Bioservices Inc shares have jumped approximately 6.15%. Shares of the company reached a 52-week high of $8.83 on 03/06/24 and a 52-week low of $5.65 on 01/05/24. A 50-day SMA is recorded $7.00, while a 200-day SMA reached $8.52. Nevertheless, trading volume fell to 1.49 million shares from 0.52 million shares the previous day.
Support And Resistance Levels for Avid Bioservices Inc (CDMO)
According to the 24-hour chart, there is a support level at 6.60, which, if violated, would cause prices to drop to 6.30. In the upper region, resistance lies at 7.13. The next price resistance is at 7.36. RSI (Relative Strength Index) is 51.34 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.22, which suggests the price will decrease in the coming days. Percent R is at 36.67%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Avid Bioservices Inc subject to short interest?
Stocks of Avid Bioservices Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 5.19 million shares to 10.84 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 5.65 million shares. A jump of 47.88% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.4 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.4.
