New York State Common Retirement Fund Lowers Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

New York State Common Retirement Fund decreased its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 64.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 347,665 shares of the biopharmaceutical company’s stock after selling 638,214 shares during the quarter. New York State Common Retirement Fund owned about 0.54% of Avid Bioservices worth $4,294,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CDMO. Creative Planning raised its stake in Avid Bioservices by 49.4% during the third quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock valued at $230,000 after buying an additional 6,672 shares during the last quarter. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Avid Bioservices in the 3rd quarter worth $11,953,000. Janney Montgomery Scott LLC increased its holdings in shares of Avid Bioservices by 2.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock worth $878,000 after purchasing an additional 1,800 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Avid Bioservices by 171.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock worth $12,661,000 after purchasing an additional 702,553 shares in the last quarter. Finally, Emerald Advisers LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter worth $16,489,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $12.50 on Friday. The stock has a 50-day simple moving average of $12.42 and a two-hundred day simple moving average of $11.59. Avid Bioservices, Inc. has a 52-week low of $5.90 and a 52-week high of $12.51. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. The firm has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39.

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

Analyst Ratings Changes

A number of analysts have commented on the company. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Stephens lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price objective (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 assigned a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $12.25.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 100,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $12.28, for a total value of $1,228,000.00. Following the transaction, the chief executive officer now directly owns 51,653 shares in the company, valued at $634,298.84. The trade was a 65.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Richard A. Richieri sold 3,843 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the completion of the transaction, the insider now owns 44,556 shares in the company, valued at $544,474.32. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 349,850 shares of company stock worth $4,288,259 over the last ninety days. Corporate insiders own 3.05% of the company’s stock.

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.