Intech Investment Management LLC Takes Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Intech Investment Management LLC purchased 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 institutional investor purchased 21,452 shares of the biopharmaceutical company’s stock, valued at approximately $244,000.

Other large investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new position in Avid Bioservices during the 2nd quarter worth approximately $38,000. Quest Partners LLC acquired a new position in shares of Avid Bioservices during the third quarter worth $38,000. Point72 DIFC Ltd purchased a new position in shares of Avid Bioservices in the second quarter valued at $57,000. Principal Financial Group Inc. acquired a new stake in Avid Bioservices during the 2nd quarter valued at $80,000. Finally, TradeLink Capital LLC purchased a new stake in Avid Bioservices during the 2nd quarter worth $92,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares in the company, valued at $2,277,862.65. This represents a 7.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 19,323 shares of company stock valued at $194,208. Company insiders own 3.05% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CDMO shares. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Stephens reaffirmed an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $13.63.

Avid Bioservices Stock Down 0.1 %

Shares of CDMO stock opened at $12.29 on Friday. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. The stock has a market cap of $783.98 million, a PE ratio of -5.41 and a beta of 1.44. The business’s fifty day moving average is $11.18 and its 200-day moving average is $9.95. Avid Bioservices, Inc. has a 1 year low of $4.07 and a 1 year high of $12.48.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The business had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. Equities analysts expect that Avid Bioservices, Inc. will post -0.38 earnings per share for the current fiscal 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.