In a recent transaction, Matthew R. Kwietniak, the Chief Commercial Officer of Avid Bioservices, Inc. (NASDAQ:CDMO), sold 1,233 shares of the company's common stock. The sale, which took place on April 30, 2024, amounted to over $9,000, with shares sold at prices ranging from $7.26 to $7.40, resulting in a weighted average price of $7.3982 per share.
This sale was executed in accordance with a pre-existing contractual agreement related to tax withholding obligations stemming from the vesting of restricted stock units (RSUs) on April 9 and April 11, 2024. It is important to note that this transaction was not a discretionary trade by Kwietniak. Further details about the vested RSUs can be found in the footnotes of Kwietniak's previous Form 4 filings with the SEC on April 11 and April 12, 2024.
Following this transaction, Kwietniak's direct ownership in Avid Bioservices stands at 21,797 shares. The company, which operates within the pharmaceutical preparations industry, continues to engage in the development and manufacturing of biopharmaceutical products.
Investors and shareholders of Avid Bioservices can request additional information regarding the specific prices at which the shares were sold within the reported range. This transaction was publicly reported in a Form 4 document filed with the Securities and Exchange Commission.
InvestingPro Insights
Amid the news of the Chief Commercial Officer's share sale, Avid Bioservices, Inc. (NASDAQ:CDMO) has been the subject of several analyst and market observations. Notably, two analysts have recently revised their earnings expectations downwards for the upcoming period, which could potentially impact investor sentiment. Adding to this, the stock is currently in overbought territory according to the Relative Strength Index (RSI), suggesting that there may be a pullback in the near future.
From a performance standpoint, Avid Bioservices has experienced a significant return over the last week, with a total one-week price return of 11.56%. This is part of a broader trend, as the company has also seen a strong return over the last month and three months, at 24.43% and 32.26% respectively. Despite these impressive short-term gains, the company's one-year price total return reflects a decline of 54.87%, indicating volatility in the stock's performance over the longer term.
InvestingPro Data metrics provide additional context to the company's financial health. With a market capitalization of $520.53 million and a negative P/E ratio of -29.47, Avid Bioservices is navigating challenging market conditions. The company's gross profit margin stands at 7.47%, highlighting some of the financial pressures it faces.
For those interested in a deeper dive into Avid Bioservices' financials and stock performance, InvestingPro offers a comprehensive analysis, including several additional InvestingPro Tips that can be accessed at https://www.investing.com/pro/CDMO. By using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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