Wolverine Asset Management LLC Buys Shares of 84,271 Avid Bioservices, Inc. (NASDAQ:CDMO)

Wolverine Asset Management LLC acquired a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 84,271 shares of the biopharmaceutical company’s stock, valued at approximately $1,041,000. Wolverine Asset Management LLC owned approximately 0.13% of Avid Bioservices as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Quest Partners LLC acquired a new stake in shares of Avid Bioservices during the 3rd quarter valued at $38,000. R Squared Ltd acquired a new stake in shares of Avid Bioservices during the 4th quarter valued at $42,000. Entropy Technologies LP acquired a new stake in shares of Avid Bioservices during the 4th quarter valued at $195,000. Glenmede Trust Co. NA boosted its holdings in shares of Avid Bioservices by 37.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock valued at $199,000 after acquiring an additional 4,812 shares in the last quarter. Finally, Creative Planning boosted 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 acquiring an additional 6,672 shares in the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Transactions at Avid Bioservices

In other news, insider Richard A. Richieri sold 3,843 shares of Avid Bioservices stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $46,961.46. Following the completion of the transaction, the insider now directly owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. This trade represents a 7.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices stock in a transaction dated 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 transaction, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. This trade represents a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 349,850 shares of company stock valued at $4,288,259. Corporate insiders own 3.05% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Stephens lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, 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 research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.25.

Avid Bioservices Stock Performance

CDMO stock opened at $12.50 on Friday. The stock has a 50-day moving average price of $12.41 and a 200-day moving average price of $11.51. Avid Bioservices, Inc. has a 1-year low of $5.90 and a 1-year high of $12.51. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The firm has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. As a group, equities research analysts expect that Avid Bioservices, Inc. will post -0.46 earnings per share for the current year.

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.