Charles Schwab Investment Management Inc. Raises Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Charles Schwab Investment Management Inc. grew its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 1.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 520,598 shares of the biopharmaceutical company’s stock after buying an additional 7,022 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.81% of Avid Bioservices worth $6,429,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Quest Partners LLC purchased a new stake in shares of Avid Bioservices during the third quarter worth about $38,000. Intech Investment Management LLC purchased a new stake in Avid Bioservices during the 3rd quarter worth approximately $244,000. Fisher Asset Management LLC raised its holdings in shares of Avid Bioservices by 63.3% during the third quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company’s stock valued at $4,564,000 after acquiring an additional 155,419 shares during the last quarter. FMR LLC lifted its position in shares of Avid Bioservices by 1,010.2% in the third quarter. FMR LLC now owns 70,096 shares of the biopharmaceutical company’s stock valued at $798,000 after acquiring an additional 63,782 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Avid Bioservices by 23.6% in the third quarter. BNP Paribas Financial Markets now owns 151,522 shares of the biopharmaceutical company’s stock valued at $1,724,000 after acquiring an additional 28,894 shares in the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Avid Bioservices

In other news, CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the sale, the chief financial officer now owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard A. Richieri sold 3,843 shares of the company’s stock in a transaction that occurred on 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. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,850 shares of company stock valued at $2,137,009. 3.05% of the stock is currently owned by insiders.

Avid Bioservices Stock Up 0.1 %

CDMO stock opened at $12.50 on Tuesday. The company has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39. The firm has a 50-day moving average of $12.48 and a two-hundred day moving average of $11.83. Avid Bioservices, Inc. has a 12 month low of $6.14 and a 12 month high of $12.51. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58.

Wall Street Analyst Weigh In

Separately, Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $12.25.

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.