Picton Mahoney Asset Management Purchases Shares of 550,000 Avid Bioservices, Inc. (NASDAQ:CDMO)

Picton Mahoney Asset Management purchased a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 550,000 shares of the biopharmaceutical company’s stock, valued at approximately $6,793,000. Picton Mahoney Asset Management owned approximately 0.86% of Avid Bioservices at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Quest Partners LLC acquired a new position in Avid Bioservices during the 3rd quarter valued at approximately $38,000. R Squared Ltd acquired a new position in Avid Bioservices during the 4th quarter valued at approximately $42,000. Raymond James Financial Inc. acquired a new position in Avid Bioservices during the 4th quarter valued at approximately $166,000. HighTower Advisors LLC boosted its holdings in shares of Avid Bioservices by 23.3% in the 4th quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock valued at $171,000 after acquiring an additional 2,620 shares during the last quarter. Finally, Entropy Technologies LP purchased a new stake in shares of Avid Bioservices in the 4th quarter valued at $195,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Buying and Selling

In related news, insider Richard A. Richieri sold 2,283 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the sale, the insider now directly owns 49,535 shares of the company’s stock, valued at approximately $612,747.95. This represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Daniel R. Hart sold 22,813 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $278,774.86. Following the sale, the chief financial officer now directly owns 110,980 shares in the company, valued at $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. Over the last three months, insiders have sold 349,850 shares of company stock valued at $4,288,259. Corporate insiders own 3.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, Avid Bioservices presently has an average rating of “Hold” and an average price target of $12.25.

Avid Bioservices Stock Up 0.1 %

CDMO stock opened at $12.50 on Friday. The firm’s fifty day simple moving average is $12.46 and its 200-day simple moving average is $11.71. The company has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. 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, Inc. has a 12 month low of $5.90 and a 12 month high of $12.51.

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.