Barclays PLC Acquires 66,653 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Barclays PLC grew its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 98.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 134,598 shares of the biopharmaceutical company’s stock after purchasing an additional 66,653 shares during the quarter. Barclays PLC owned about 0.21% of Avid Bioservices worth $1,532,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC bought a new position in Avid Bioservices during the third quarter worth about $38,000. Meeder Asset Management Inc. bought a new position in Avid Bioservices during the second quarter worth about $38,000. Point72 DIFC Ltd bought a new position in Avid Bioservices during the second quarter worth about $57,000. Principal Financial Group Inc. bought a new position in Avid Bioservices during the second quarter worth about $80,000. Finally, Glenmede Trust Co. NA boosted its position in shares of Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock valued at $199,000 after acquiring an additional 4,812 shares during the period. Institutional investors own 97.16% of the company’s stock.

Wall Street Analysts Forecast Growth

CDMO has been the subject of a number of analyst reports. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. 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 research report on Thursday, November 7th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $12.25.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 75,000 shares of Avid Bioservices stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $12.31, for a total transaction of $923,250.00. Following the completion of the sale, the chief executive officer now directly owns 151,653 shares in the company, valued at $1,866,848.43. The trade was a 33.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 347,567 shares of company stock worth $4,260,019 over the last three months. 3.05% of the stock is owned by insiders.

Avid Bioservices Trading Up 0.2 %

Shares of Avid Bioservices stock opened at $12.41 on Monday. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.48. The firm has a market cap of $793.78 million, a PE ratio of -5.19 and a beta of 1.40. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. The company has a 50 day simple moving average of $12.19 and a two-hundred day simple moving average of $10.78.

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.