Harbor Capital Advisors Inc. Boosts Stock Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Harbor Capital Advisors Inc. increased its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 1.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,124,351 shares of the biopharmaceutical company’s stock after acquiring an additional 11,759 shares during the quarter. Avid Bioservices comprises approximately 0.6% of Harbor Capital Advisors Inc.’s holdings, making the stock its 25th biggest position. Harbor Capital Advisors Inc. owned about 1.76% of Avid Bioservices worth $13,886,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of Avid Bioservices by 283.0% during the third quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock worth $1,237,000 after purchasing an additional 80,308 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Avid Bioservices in the third quarter worth $6,194,000. Franklin Resources Inc. boosted its position in shares of Avid Bioservices by 11.5% during the third quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock worth $692,000 after acquiring an additional 6,259 shares during the last quarter. Barclays PLC boosted its position in shares of Avid Bioservices by 98.1% during the third quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock worth $1,532,000 after acquiring an additional 66,653 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Avid Bioservices by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock valued at $16,688,000 after acquiring an additional 34,328 shares in the last quarter. Institutional investors own 97.16% of the company’s stock.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, insider Richard A. Richieri sold 3,843 shares of Avid Bioservices stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the completion of the sale, the insider now directly owns 44,556 shares of the company’s stock, valued at $544,474.32. The trade was a 7.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel R. Hart sold 22,813 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $278,774.86. Following the completion of the sale, the chief financial officer now owns 110,980 shares of the company’s stock, valued at $1,356,175.60. This represents a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 347,686 shares of company stock worth $4,261,227 over the last quarter. Insiders own 3.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Royal Bank of Canada reiterated 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. Finally, Stephens cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Trading Up 0.1 %

Shares of NASDAQ:CDMO traded up $0.01 during trading on Friday, hitting $12.39. The company had a trading volume of 482,202 shares, compared to its average volume of 1,090,908. The stock has a market cap of $792.50 million, a price-to-earnings ratio of -5.18 and a beta of 1.40. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. The company has a fifty day simple moving average of $12.14 and a two-hundred day simple moving average of $10.70. Avid Bioservices, Inc. has a one year low of $5.90 and a one year high of $12.48.

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.