Portolan Capital Management LLC Purchases 273,212 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Portolan Capital Management LLC grew its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 15.0% in the third quarter, Holdings Channel reports. The fund owned 2,093,991 shares of the biopharmaceutical company’s stock after acquiring an additional 273,212 shares during the quarter. Avid Bioservices accounts for 1.7% of Portolan Capital Management LLC’s portfolio, making the stock its 14th largest holding. Portolan Capital Management LLC’s holdings in Avid Bioservices were worth $23,830,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of CDMO. Price T Rowe Associates Inc. MD raised its position in 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 purchasing an additional 1,649 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Avid Bioservices by 2.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock worth $878,000 after purchasing an additional 1,800 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Avid Bioservices by 28.4% during the 2nd 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. Quest Partners LLC bought a new position in Avid Bioservices during the 3rd quarter worth $38,000. Finally, Glenmede Trust Co. NA raised its position in Avid Bioservices by 37.9% during 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. 97.16% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CDMO has been the subject of several analyst reports. StockNews.com raised Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Stephens reissued an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reissued 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. Finally, William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Avid Bioservices presently has a consensus rating of “Hold” and a consensus target price of $13.63.

Avid Bioservices Stock Performance

Shares of CDMO 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 stock has a 50-day moving average of $11.13 and a 200-day moving average of $9.92. The company has a market cap of $785.95 million, a PE ratio of -5.43 and a beta of 1.44. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $12.48.

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

Insider Activity

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the transaction, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. The trade was a 7.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 19,323 shares of company stock worth $194,208 in the last three months. Company insiders own 3.05% of the company’s stock.

Avid Bioservices Company 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.