Meeder Asset Management Inc. Takes $38,000 Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Meeder Asset Management Inc. acquired a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 5,315 shares of the biopharmaceutical company’s stock, valued at approximately $38,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in CDMO. Mather Group LLC. bought a new position in shares of Avid Bioservices during the 1st quarter valued at $46,000. Oxford Asset Management LLP bought a new position in shares of Avid Bioservices during the 4th quarter valued at $68,000. Principal Financial Group Inc. bought a new position in shares of Avid Bioservices during the 2nd quarter valued at $80,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Avid Bioservices by 28.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after purchasing an additional 3,041 shares during the last quarter. Finally, Evoke Wealth LLC bought a new position in shares of Avid Bioservices during the 4th quarter valued at $125,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the transaction, the chief executive officer now directly owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 9,216 shares of company stock valued at $69,984. Insiders own 2.39% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CDMO. Royal Bank of Canada increased their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Stephens reissued an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Avid Bioservices presently has an average rating of “Moderate Buy” and a consensus price target of $13.50.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $11.16 on Monday. The company has a 50-day moving average price of $9.97 and a 200-day moving average price of $8.36. Avid Bioservices, Inc. has a 12 month low of $4.07 and a 12 month high of $11.57. The company has a current ratio of 1.46, a quick ratio of 0.31 and a debt-to-equity ratio of 2.74. The stock has a market cap of $711.90 million, a price-to-earnings ratio of -5.05 and a beta of 1.37.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.10). The firm had revenue of $42.98 million during the quarter, compared to analysts’ expectations of $42.60 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. Equities analysts predict that Avid Bioservices, Inc. will post -0.34 EPS for the current year.

Avid Bioservices Company Profile

Avid Bioservices, Inc operates as a contract development and manufacturing organization for the biotechnology and biopharmaceutical industries in the United States. It provides process development and current good manufacturing practice clinical and commercial manufacturing services of biologics, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, regulatory submission and support, upstream and downstream development and optimization, analytical methods development, cell line development, testing, and characterization services.