Point72 DIFC Ltd Grows Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Point72 DIFC Ltd increased its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 12,530.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,003,653 shares of the biopharmaceutical company’s stock after purchasing an additional 995,707 shares during the quarter. Point72 DIFC Ltd’s holdings in Avid Bioservices were worth $11,422,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new stake in Avid Bioservices during the second quarter worth approximately $38,000. Quest Partners LLC purchased a new stake in Avid Bioservices in the third quarter valued at $38,000. Principal Financial Group Inc. acquired a new position in Avid Bioservices in the second quarter valued at $80,000. TradeLink Capital LLC purchased a new position in shares of Avid Bioservices during the second quarter worth about $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after purchasing an additional 3,041 shares during the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the transaction, the chief executive officer now owns 226,653 shares in the company, valued at $2,277,862.65. This trade represents a 7.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is owned by corporate insiders.

Avid Bioservices Price Performance

Avid Bioservices stock opened at $12.32 on Wednesday. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The business has a 50 day simple moving average of $11.13 and a 200-day simple moving average of $9.92. Avid Bioservices, Inc. has a 12 month low of $4.07 and a 12 month high of $12.48. The stock has a market capitalization of $785.95 million, a PE ratio of -5.43 and a beta of 1.44.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate 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 company had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. Equities analysts predict that Avid Bioservices, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.