Squarepoint Ops LLC Sells 341,119 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Squarepoint Ops LLC trimmed its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 87.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,933 shares of the biopharmaceutical company’s stock after selling 341,119 shares during the period. Squarepoint Ops LLC owned approximately 0.08% of Avid Bioservices worth $364,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. purchased a new stake in Avid Bioservices during the second quarter valued at $38,000. Mather Group LLC. bought a new stake in shares of Avid Bioservices during the 1st quarter valued at $46,000. Point72 DIFC Ltd purchased a new stake in shares of Avid Bioservices in the 2nd quarter worth $57,000. Principal Financial Group Inc. purchased a new stake in shares of Avid Bioservices in the 2nd quarter worth $80,000. Finally, TradeLink Capital LLC bought a new position in Avid Bioservices in the 2nd quarter worth $92,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO opened at $10.17 on Friday. The firm has a market cap of $648.74 million, a price-to-earnings ratio of -4.60 and a beta of 1.38. The firm has a fifty day moving average price of $10.67 and a 200 day moving average price of $8.86. Avid Bioservices, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $12.48. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The firm had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. As a group, sell-side analysts expect that Avid Bioservices, Inc. will post -0.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CDMO shares. Royal Bank of Canada boosted their price target on Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Stephens reissued an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Avid Bioservices has a consensus rating of “Moderate Buy” and an average price target of $13.50.

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.