Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Bought by Parkman Healthcare Partners LLC

Parkman Healthcare Partners LLC raised its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 15.9% in the third quarter, Holdings Channel reports. The institutional investor owned 719,965 shares of the biopharmaceutical company’s stock after purchasing an additional 98,874 shares during the period. Parkman Healthcare Partners LLC’s holdings in Avid Bioservices were worth $8,193,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. acquired a new stake in Avid Bioservices in the 2nd quarter valued at $38,000. Quest Partners LLC acquired a new stake in shares of Avid Bioservices in the third quarter valued at about $38,000. Point72 DIFC Ltd purchased a new position in shares of Avid Bioservices in the second quarter worth about $57,000. Principal Financial Group Inc. acquired a new position in shares of Avid Bioservices during the 2nd quarter worth approximately $80,000. Finally, TradeLink Capital LLC acquired a new stake in shares of Avid Bioservices in the second quarter valued at approximately $92,000. 97.16% of the stock is owned by hedge funds and other institutional investors.

Avid Bioservices Stock Performance

Shares of CDMO stock opened at $12.32 on Wednesday. Avid Bioservices, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $12.48. The company has a 50 day moving average price of $11.13 and a 200 day moving average price of $9.92. The stock has a market capitalization of $785.95 million, a P/E ratio of -5.43 and a beta of 1.44. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The business had revenue of $40.17 million for the quarter, compared to analysts’ expectations of $39.50 million. Equities research analysts predict that Avid Bioservices, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 19,323 shares of company stock valued at $194,208 over the last 90 days. 3.05% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Stephens reissued an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Avid Bioservices currently has an average rating of “Hold” and an average price target of $13.63.

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.