Proficio Capital Partners LLC Acquires New Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

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

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDMO. Quest Partners LLC purchased a new position in shares of Avid Bioservices during the 3rd quarter valued at $38,000. R Squared Ltd acquired a new stake in Avid Bioservices during the fourth quarter valued at $42,000. Entropy Technologies LP purchased a new position in Avid Bioservices in the fourth quarter valued at about $195,000. Glenmede Trust Co. NA increased its position in Avid Bioservices by 37.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after purchasing an additional 4,812 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Avid Bioservices during the 3rd quarter worth about $244,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Trading Up 0.1 %

Shares of NASDAQ:CDMO opened at $12.50 on Thursday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The stock has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.51. The firm has a fifty day moving average price of $12.46 and a 200 day moving average price of $11.68.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. Analysts expect that Avid Bioservices, Inc. will post -0.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Stephens cut 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, the company has a consensus rating of “Hold” and a consensus price target of $12.25.

Insiders Place Their Bets

In other 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 value of $28,240.71. Following the sale, the insider now directly owns 49,535 shares of the company’s stock, valued at approximately $612,747.95. This trade represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nicholas Stewart Green sold 75,000 shares of Avid Bioservices stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the transaction, the chief executive officer now 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 disclosure for this sale can be found here. Insiders sold 349,850 shares of company stock valued at $4,288,259 over the last 90 days. 3.05% of the stock is currently owned by company insiders.

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.