Fmr LLC Raises Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Fmr LLC increased its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 1,010.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,096 shares of the biopharmaceutical company’s stock after purchasing an additional 63,782 shares during the quarter. Fmr LLC owned 0.11% of Avid Bioservices worth $798,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CDMO. Quest Partners LLC acquired a new position in Avid Bioservices during the third quarter worth about $38,000. Meeder Asset Management Inc. acquired a new stake in shares of Avid Bioservices in the 2nd quarter worth approximately $38,000. Point72 DIFC Ltd purchased a new position in Avid Bioservices in the 2nd quarter valued at approximately $57,000. Principal Financial Group Inc. acquired a new position in Avid Bioservices during the second quarter worth $80,000. Finally, TradeLink Capital LLC purchased a new stake in Avid Bioservices during the second quarter worth $92,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CDMO. Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, Avid Bioservices presently has a consensus rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Price Performance

Shares of NASDAQ CDMO opened at $12.36 on Wednesday. The firm has a market cap of $790.58 million, a P/E ratio of -5.17 and a beta of 1.44. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30. Avid Bioservices, Inc. has a 1 year low of $5.65 and a 1 year high of $12.48. The firm’s 50 day moving average price is $11.42 and its 200 day moving average price is $10.18.

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the 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 transaction, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This trade represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 19,323 shares of company stock valued at $194,208. Insiders own 3.05% of the company’s stock.

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.