In a recent transaction, Daniel R. Hart, the Chief Financial Officer of Avid Bioservices, Inc. (NASDAQ:CDMO), sold 2,826 shares of the company's common stock. This sale, occurring on April 30, 2024, amounted to a total of over $20,910, with the shares sold at a weighted average price of $7.3993.
The transaction was part of a prearranged plan to satisfy tax withholding obligations related to the vesting of restricted stock units (RSUs). It is important to note that this sale was not a discretionary trade by Hart, but rather a necessary action as per the contractual agreement associated with the RSUs that vested on April 9, 2024. For more detailed information on the vested RSUs, interested parties can refer to the Form 4 filed with the SEC on April 11, 2024.
The price range for the shares sold varied slightly, with the transaction prices ranging from $7.3469 to $7.40 per share. Post-transaction, Hart's direct ownership in Avid Bioservices stands at 82,221 shares of common stock.
Investors and shareholders interested in the specifics of the share prices within the range provided can request detailed information from Hart or Avid Bioservices, as he has agreed to furnish such details upon request to the SEC staff or security holders of the company.
The sale was officially reported in a Form 4 document filed with the Securities and Exchange Commission on May 2, 2024, with Hart signing off on the document.
InvestingPro Insights
Amidst the recent share sale by Avid Bioservices' CFO, Daniel R. Hart, investors may be seeking further context on the company's financial health and stock performance. According to InvestingPro data, Avid Bioservices currently holds a market capitalization of $520.53 million. The company's stock has experienced significant price movements, as evidenced by a 24.43% return over the last month, and a more substantial 32.26% return over the last three months. Despite these gains, the stock's performance year-to-date shows a decline of 54.87%.
InvestingPro Tips reveal that Avid Bioservices has been grappling with challenges such as weak gross profit margins, which currently stand at 7.47%, and an operating income margin in the negative at -12.03%. This could be a point of concern for investors, as it indicates the company is not currently generating profits from its operations. Moreover, two analysts have revised their earnings expectations downwards for the upcoming period, suggesting that the market may have concerns about the company's future profitability.
For investors looking to delve deeper into the financial metrics and stock performance of Avid Bioservices, additional InvestingPro Tips can be found at https://www.investing.com/pro/CDMO. There are 13 more insights available, which could provide a more comprehensive understanding of the company's prospects. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a valuable tool for informed investment decisions.
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