SG Americas Securities LLC Invests $282,000 in Avid Bioservices, Inc. (NASDAQ:CDMO)

SG Americas Securities LLC acquired a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 24,817 shares of the biopharmaceutical company’s stock, valued at approximately $282,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Avid Bioservices by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock worth $204,000 after acquiring an additional 1,649 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Avid Bioservices by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock valued at $293,000 after purchasing an additional 2,900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted 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 valued at $98,000 after purchasing an additional 3,041 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Avid Bioservices during the 2nd quarter valued at about $38,000. Finally, Rhumbline Advisers lifted its holdings in Avid Bioservices by 6.1% during the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock valued at $676,000 after purchasing an additional 5,408 shares during the last quarter. 97.16% of the stock is owned by institutional investors.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares in the company, valued at $2,277,862.65. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 19,323 shares of company stock worth $194,208 in the last quarter. 3.05% of the stock is owned by company insiders.

Avid Bioservices Price Performance

Shares of NASDAQ CDMO opened at $10.15 on Monday. Avid Bioservices, Inc. has a 1-year low of $4.07 and a 1-year high of $12.48. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The company has a 50-day moving average of $10.63 and a two-hundred day moving average of $9.05.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The company had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. On average, equities research analysts expect that Avid Bioservices, Inc. will post -0.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDMO has been the subject of several analyst reports. Royal Bank of Canada lifted their price target 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. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. Stephens reissued an “overweight” rating and set a $12.00 price target on shares of Avid Bioservices 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 equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Avid Bioservices has an average rating of “Moderate Buy” and an average target price of $13.50.

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.