Kennedy Capital Management LLC Has $4 Million Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Kennedy Capital Management LLC lifted its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 74.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 597,089 shares of the biopharmaceutical company’s stock after buying an additional 255,201 shares during the quarter. Kennedy Capital Management LLC owned about 0.94% of Avid Bioservices worth $4,000,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Kent Lake Capital LLC acquired a new stake in shares of Avid Bioservices during the 1st quarter worth approximately $1,879,000. Price T Rowe Associates Inc. MD grew its position in shares of Avid Bioservices by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock worth $204,000 after buying an additional 1,649 shares during the period. Anson Funds Management LP grew its position in shares of Avid Bioservices by 20.5% during the 1st quarter. Anson Funds Management LP now owns 164,313 shares of the biopharmaceutical company’s stock worth $1,101,000 after buying an additional 28,000 shares during the period. Vanguard Group Inc. grew its position in shares of Avid Bioservices by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock worth $24,557,000 after buying an additional 47,315 shares during the period. Finally, 12 West Capital Management LP acquired a new stake in shares of Avid Bioservices during the 1st quarter worth approximately $18,425,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total transaction of $57,733.78. Following the completion of the transaction, the chief executive officer now owns 212,314 shares of the company’s stock, valued at approximately $1,600,847.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 9,216 shares of company stock valued at $69,984 in the last quarter. 2.39% of the stock is currently owned by corporate insiders.

Avid Bioservices Stock Performance

CDMO traded up $0.29 during trading hours on Tuesday, hitting $10.23. The stock had a trading volume of 1,408,004 shares, compared to its average volume of 1,208,490. The company’s fifty day simple moving average is $8.15 and its 200 day simple moving average is $7.52. Avid Bioservices, Inc. has a 1 year low of $4.07 and a 1 year high of $13.22. The stock has a market cap of $650.42 million, a PE ratio of -4.67 and a beta of 1.36. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04.

Avid Bioservices (NASDAQ:CDMO) last announced 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). Avid Bioservices had a negative return on equity of 11.27% and a negative net margin of 100.57%. The firm had revenue of $42.98 million during the quarter, compared to analysts’ expectations of $42.60 million. Equities analysts anticipate that Avid Bioservices, Inc. will post -0.31 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reiterated an “outperform” rating and issued a $8.00 target price on shares of Avid Bioservices in a report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Avid Bioservices presently has an average rating of “Moderate Buy” and an average price target of $12.67.

Avid Bioservices Company Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.