Janney Montgomery Scott LLC Sells 16,044 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Janney Montgomery Scott LLC lessened its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 20.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,101 shares of the biopharmaceutical company’s stock after selling 16,044 shares during the quarter. Janney Montgomery Scott LLC owned about 0.10% of Avid Bioservices worth $755,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of CDMO. Emerald Advisers LLC acquired a new stake in shares of Avid Bioservices in the 3rd quarter valued at $16,489,000. Point72 Asset Management L.P. raised its holdings in Avid Bioservices by 42.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock worth $43,424,000 after purchasing an additional 1,142,756 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Avid Bioservices during the 3rd quarter valued at about $11,953,000. Point72 DIFC Ltd grew its position in shares of Avid Bioservices by 12,530.9% during the 3rd quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock worth $11,422,000 after buying an additional 995,707 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its holdings in Avid Bioservices by 171.3% in the third quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock valued at $12,661,000 after buying an additional 702,553 shares during the period. 97.16% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Avid Bioservices news, CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $278,774.86. Following the sale, the chief financial officer now directly owns 110,980 shares in the company, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Richard A. Richieri sold 3,843 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the transaction, the insider now owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 349,850 shares of company stock valued at $4,288,259. Company insiders own 3.05% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on CDMO. 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 research report on Thursday, November 7th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Stock Up 0.1 %

NASDAQ:CDMO opened at $12.50 on Friday. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.51. The stock has a 50-day moving average price of $12.36 and a two-hundred day moving average price of $11.33. The stock has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. As a group, equities analysts expect that Avid Bioservices, Inc. will post -0.46 earnings per share for the current 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.