E Fund Management Co. Ltd. Cuts Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

E Fund Management Co. Ltd. cut its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 54.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,194 shares of the biopharmaceutical company’s stock after selling 13,643 shares during the period. E Fund Management Co. Ltd.’s holdings in Avid Bioservices were worth $80,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. TradeLink Capital LLC acquired a new position in shares of Avid Bioservices during the second quarter worth about $92,000. Meeder Asset Management Inc. acquired a new position in Avid Bioservices during the 2nd quarter worth approximately $38,000. American Century Companies Inc. increased its position in shares of Avid Bioservices by 5,631.6% in the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after purchasing an additional 713,523 shares during the last quarter. Rice Hall James & Associates LLC raised its holdings in shares of Avid Bioservices by 45.8% in the 2nd quarter. Rice Hall James & Associates LLC now owns 570,089 shares of the biopharmaceutical company’s stock valued at $4,070,000 after purchasing an additional 178,992 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Avid Bioservices by 6.1% during the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock worth $676,000 after purchasing an additional 5,408 shares during the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the sale, the chief executive officer now directly owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 9,216 shares of company stock valued at $69,984. Insiders own 2.39% of the company’s stock.

Avid Bioservices Stock Up 9.0 %

Shares of NASDAQ CDMO opened at $12.45 on Friday. The business has a 50-day moving average price of $10.30 and a 200 day moving average price of $8.45. The stock has a market cap of $794.19 million, a PE ratio of -5.63 and a beta of 1.37. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. Avid Bioservices, Inc. has a 52-week low of $4.07 and a 52-week high of $12.48.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). The firm had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Equities research analysts forecast that Avid Bioservices, Inc. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. Royal Bank of Canada increased their price target on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, Stephens restated an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.50.

About Avid Bioservices

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.