AltraVue Capital LLC Buys 239,343 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

AltraVue Capital LLC lifted its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 7.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,395,263 shares of the biopharmaceutical company’s stock after buying an additional 239,343 shares during the quarter. Avid Bioservices comprises 2.4% of AltraVue Capital LLC’s portfolio, making the stock its 16th biggest holding. AltraVue Capital LLC owned 5.34% of Avid Bioservices worth $24,242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CDMO. 12 West Capital Management LP bought a new position in shares of Avid Bioservices in the first quarter worth about $18,425,000. American Century Companies Inc. raised its stake in Avid Bioservices by 5,631.6% during the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after purchasing an additional 713,523 shares during the period. Wellington Management Group LLP raised its stake in 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 during the period. Harbor Capital Advisors Inc. raised its stake in Avid Bioservices by 313.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock valued at $2,928,000 after purchasing an additional 310,921 shares during the period. Finally, Kent Lake Capital LLC bought a new stake in Avid Bioservices during the 1st quarter valued at approximately $1,879,000. Institutional investors own 97.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CDMO shares. Stephens reissued an “overweight” rating and set a $12.00 target price 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 note on Tuesday, September 10th. Royal Bank of Canada lifted their target price on Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, StockNews.com raised Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $13.50.

Avid Bioservices Trading Down 0.6 %

NASDAQ CDMO opened at $11.42 on Thursday. The business has a 50 day simple moving average of $10.21 and a two-hundred day simple moving average of $8.43. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. Avid Bioservices, Inc. has a 1-year low of $4.07 and a 1-year high of $11.96.

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

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices stock in a transaction that occurred on Wednesday, July 10th. The stock was 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 owns 212,314 shares in the company, valued at approximately $1,600,847.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 9,216 shares of company stock worth $69,984 in the last quarter. 2.39% of the stock is owned by corporate insiders.

About Avid Bioservices

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.