Dimensional Fund Advisors LP Decreases Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Dimensional Fund Advisors LP cut its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 16.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 460,159 shares of the biopharmaceutical company’s stock after selling 91,873 shares during the quarter. Dimensional Fund Advisors LP owned about 0.72% of Avid Bioservices worth $3,285,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CDMO. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices in the second quarter valued at approximately $38,000. Mather Group LLC. purchased a new stake in Avid Bioservices during the 1st quarter worth about $46,000. Principal Financial Group Inc. purchased a new position in shares of Avid Bioservices in the 2nd quarter valued at about $80,000. TradeLink Capital LLC purchased a new position in Avid Bioservices in the second quarter worth approximately $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Avid Bioservices by 28.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after acquiring an additional 3,041 shares in the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

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

Avid Bioservices Stock Performance

Shares of NASDAQ:CDMO opened at $10.17 on Friday. The company has a market cap of $648.74 million, a P/E ratio of -4.60 and a beta of 1.38. The business’s 50-day simple moving average is $10.67 and its 200 day simple moving average is $8.86. 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 one year low of $4.07 and a one year high of $12.48.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $40.17 million for the quarter, compared to analyst estimates of $39.50 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 forecast that Avid Bioservices, Inc. will post -0.29 earnings per share for the current fiscal year.

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.