Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers grew its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 3.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 94,700 shares of the biopharmaceutical company’s stock after purchasing an additional 3,121 shares during the quarter. Rhumbline Advisers owned 0.15% of Avid Bioservices worth $1,170,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Creative Planning boosted its position in Avid Bioservices by 49.4% in the 3rd 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 period. Janney Montgomery Scott LLC raised its stake in shares of Avid Bioservices by 2.4% in the third quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock valued at $878,000 after acquiring an additional 1,800 shares in the last quarter. Kornitzer Capital Management Inc. KS boosted its holdings in Avid Bioservices by 0.8% in the third quarter. Kornitzer Capital Management Inc. KS now owns 771,700 shares of the biopharmaceutical company’s stock valued at $8,782,000 after purchasing an additional 6,200 shares during the period. GSA Capital Partners LLP grew its stake in Avid Bioservices by 97.3% during the 3rd quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock worth $1,742,000 after purchasing an additional 75,473 shares in the last quarter. Finally, Zions Bancorporation N.A. increased its holdings in Avid Bioservices by 23.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 104,326 shares of the biopharmaceutical company’s stock worth $1,187,000 after purchasing an additional 20,098 shares during the period. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Price Performance

Shares of NASDAQ CDMO opened at $12.50 on Thursday. The stock’s 50-day simple moving average is $12.44 and its 200-day simple moving average is $11.63. The firm has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. Avid Bioservices, Inc. has a fifty-two week low of $5.90 and a fifty-two 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.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates 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 research analysts forecast that Avid Bioservices, Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 75,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the sale, the chief executive officer now owns 151,653 shares in the company, valued at $1,866,848.43. This represents a 33.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard A. Richieri sold 3,843 shares of the firm’s stock in a transaction on 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 directly 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 sold 349,850 shares of company stock worth $4,288,259 over the last 90 days. Corporate insiders own 3.05% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Avid Bioservices presently has a consensus rating of “Hold” and an average price target of $12.25.

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.