Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by Sargent Investment Group LLC

Sargent Investment Group LLC cut its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 32.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 377,694 shares of the biopharmaceutical company’s stock after selling 180,936 shares during the period. Sargent Investment Group LLC owned 0.59% of Avid Bioservices worth $4,695,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CDMO. Quest Partners LLC purchased a new position in Avid Bioservices during the 3rd quarter worth approximately $38,000. R Squared Ltd purchased a new position in Avid Bioservices during the 4th quarter worth approximately $42,000. 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 buying an additional 4,812 shares during the last quarter. Creative Planning increased its holdings in shares of Avid Bioservices by 49.4% during the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock valued at $230,000 after purchasing an additional 6,672 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Avid Bioservices during the 3rd quarter valued at approximately $244,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CDMO. Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.25.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 75,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $12.31, for a total transaction of $923,250.00. Following the transaction, the chief executive officer now owns 151,653 shares of the company’s stock, valued at approximately $1,866,848.43. The trade was a 33.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel R. Hart sold 22,813 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the transaction, the chief financial officer now directly owns 110,980 shares in the company, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 349,850 shares of company stock valued at $4,288,259 in the last 90 days. 3.05% of the stock is owned by insiders.

Avid Bioservices Trading Up 0.1 %

Avid Bioservices stock opened at $12.49 on Wednesday. The company’s fifty day moving average price is $12.35 and its 200 day moving average price is $11.29. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.51. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 0.92.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. On average, sell-side analysts forecast that Avid Bioservices, Inc. will post -0.46 EPS for the current fiscal year.

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.