Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 8.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 260,313 shares of the biopharmaceutical company’s stock after buying an additional 19,960 shares during the period. Bank of New York Mellon Corp owned about 0.41% of Avid Bioservices worth $1,859,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Avid Bioservices by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock worth $24,557,000 after purchasing an additional 47,315 shares during the last quarter. 12 West Capital Management LP bought a new stake in Avid Bioservices in the first quarter worth about $18,425,000. Wellington Management Group LLP boosted its position in shares of Avid Bioservices by 27.1% during the 4th quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock valued at $9,612,000 after purchasing an additional 315,600 shares in the last quarter. Kennedy Capital Management LLC grew its position in Avid Bioservices by 74.6% in the first quarter. Kennedy Capital Management LLC now owns 597,089 shares of the biopharmaceutical company’s stock worth $4,000,000 after buying an additional 255,201 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in shares of Avid Bioservices by 313.7% during the second quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock worth $2,928,000 after purchasing an additional 310,921 shares during the period. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Stock Performance

Avid Bioservices stock opened at $11.49 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The stock has a market capitalization of $730.55 million, a price-to-earnings ratio of -5.20 and a beta of 1.37. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $11.84. The stock has a 50-day simple moving average of $10.13 and a 200 day simple moving average of $8.41.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The business had revenue of $42.98 million for the quarter, compared to analyst estimates of $42.60 million. On average, research analysts anticipate that Avid Bioservices, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total transaction of $57,733.78. Following the sale, the chief executive officer now directly owns 212,314 shares in the company, valued at approximately $1,600,847.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 9,216 shares of company stock worth $69,984. 2.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Avid Bioservices 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.