Proficio Capital Partners LLC Invests $210,000 in Avid Bioservices, Inc. (NASDAQ:CDMO)

Proficio Capital Partners LLC purchased a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 17,031 shares of the biopharmaceutical company’s stock, valued at approximately $210,000.

Other hedge funds have also recently modified their holdings of the company. Quest Partners LLC purchased a new stake in shares of Avid Bioservices in the 3rd quarter valued at approximately $38,000. R Squared Ltd acquired a new position in Avid Bioservices in the fourth quarter valued at approximately $42,000. Entropy Technologies LP acquired a new position in Avid Bioservices in the fourth quarter valued at approximately $195,000. Glenmede Trust Co. NA grew its position in Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after acquiring an additional 4,812 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in Avid Bioservices during the third quarter worth $244,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

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

Insider Buying and Selling at Avid Bioservices

In related news, insider Richard A. Richieri sold 2,283 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $12.37, for a total transaction of $28,240.71. Following the completion of the transaction, the insider now directly owns 49,535 shares in the company, valued at $612,747.95. This trade represents a 4.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.05% of the stock is owned by corporate insiders.

Avid Bioservices Price Performance

Avid Bioservices stock opened at $12.50 on Friday. 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 company has a market capitalization of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39. The company’s 50 day simple moving average is $12.48 and its 200-day simple moving average is $11.86. Avid Bioservices, Inc. has a 1 year low of $6.14 and a 1 year high of $12.51.

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.