Wellington Management Group LLP Purchases 315,600 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Wellington Management Group LLP boosted its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 27.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,478,842 shares of the biopharmaceutical company’s stock after buying an additional 315,600 shares during the period. Wellington Management Group LLP owned approximately 2.34% of Avid Bioservices worth $9,612,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CDMO. Trexquant Investment LP bought a new stake in shares of Avid Bioservices during the 4th quarter valued at about $1,259,000. Vanguard Group Inc. grew its stake in Avid Bioservices by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock worth $41,791,000 after buying an additional 13,190 shares in the last quarter. Rafferty Asset Management LLC grew its stake in Avid Bioservices by 96.6% in the 4th quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company’s stock worth $2,478,000 after buying an additional 187,280 shares in the last quarter. Federated Hermes Inc. bought a new position in shares of Avid Bioservices in the 4th quarter worth $2,090,000. Finally, M&T Bank Corp raised its position in shares of Avid Bioservices by 20.6% during the 4th quarter. M&T Bank Corp now owns 103,432 shares of the biopharmaceutical company’s stock valued at $673,000 after buying an additional 17,673 shares in the last quarter. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Avid Bioservices Stock Performance

Shares of CDMO opened at $7.01 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.31 and a current ratio of 0.46. Avid Bioservices, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $14.33. The firm has a 50 day moving average price of $7.94 and a 200-day moving average price of $7.15. The firm has a market cap of $444.99 million, a price-to-earnings ratio of -25.96 and a beta of 1.50.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Avid Bioservices had a negative net margin of 13.10% and a negative return on equity of 8.78%. The business had revenue of $33.82 million for the quarter, compared to analysts’ expectations of $33.80 million. As a group, equities research analysts forecast that Avid Bioservices, Inc. will post -0.23 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada increased their target price on Avid Bioservices from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 11,762 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total value of $87,038.80. Following the transaction, the chief executive officer now owns 203,606 shares in the company, valued at $1,506,684.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 17,236 shares of company stock worth $127,546. 2.39% of the stock is currently owned by insiders.

Avid Bioservices Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.