Zions Bancorporation N.A. Acquires 2,815 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Zions Bancorporation N.A. lifted its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 2.7% during the fourth quarter, HoldingsChannel reports. The firm owned 107,141 shares of the biopharmaceutical company’s stock after purchasing an additional 2,815 shares during the period. Zions Bancorporation N.A.’s holdings in Avid Bioservices were worth $1,323,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. HighTower Advisors LLC boosted its position in 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 buying an additional 2,620 shares during the period. Rhumbline Advisers raised its stake in shares of Avid Bioservices by 3.4% during the fourth quarter. Rhumbline Advisers now owns 94,700 shares of the biopharmaceutical company’s stock valued at $1,170,000 after acquiring an additional 3,121 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Avid Bioservices in the third quarter valued at approximately $38,000. R Squared Ltd bought a new position in Avid Bioservices in the fourth quarter worth approximately $42,000. Finally, Glenmede Trust Co. NA increased its holdings 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 period. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Insider Buying and Selling at Avid Bioservices

In other news, insider Richard A. Richieri sold 3,843 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the sale, the insider now directly owns 44,556 shares in the company, valued at approximately $544,474.32. This trade represents a 7.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nicholas Stewart Green sold 145,911 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $1,783,032.42. Following the transaction, the chief executive officer now owns 157,620 shares of the company’s stock, valued at approximately $1,926,116.40. This trade represents a 48.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 174,850 shares of company stock valued at $2,137,009. 3.05% of the stock is currently owned by corporate insiders.

Avid Bioservices Price Performance

NASDAQ CDMO opened at $12.50 on Wednesday. The company has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. The firm’s 50 day moving average price is $12.48 and its 200-day moving average price is $11.85. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. Avid Bioservices, Inc. has a 52-week low of $6.14 and a 52-week high of $12.51.

Analyst Upgrades and Downgrades

Separately, Stephens cut 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 assigned a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.25.

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.