Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Acquired by GSA Capital Partners LLP

GSA Capital Partners LLP increased its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 97.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 153,070 shares of the biopharmaceutical company’s stock after buying an additional 75,473 shares during the period. GSA Capital Partners LLP owned about 0.24% of Avid Bioservices worth $1,742,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Harbor Capital Advisors Inc. boosted its holdings in shares of Avid Bioservices by 313.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock valued at $2,928,000 after buying an additional 310,921 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Avid Bioservices by 50.8% in the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock valued at $2,081,000 after buying an additional 104,573 shares during the period. Emerald Advisers LLC acquired a new position in shares of Avid Bioservices in the 3rd quarter valued at about $16,489,000. Janney Montgomery Scott LLC lifted its position in Avid Bioservices by 104.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock valued at $412,000 after purchasing an additional 31,450 shares during the last quarter. Finally, AltraVue Capital LLC lifted its position in Avid Bioservices by 7.6% in the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after purchasing an additional 239,343 shares during the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CDMO shares. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Stephens reiterated an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.63.

Avid Bioservices Stock Down 0.2 %

CDMO stock opened at $12.23 on Wednesday. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48. The company has a market capitalization of $780.21 million, a price-to-earnings ratio of -5.39 and a beta of 1.40. The firm’s 50-day moving average is $10.61 and its two-hundred day moving average is $9.49. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The business had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. On average, analysts forecast that Avid Bioservices, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at $2,277,862.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 19,323 shares of company stock worth $194,208 in the last ninety days. 3.05% of the stock is currently owned by corporate insiders.

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.