Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers increased its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 94,700 shares of the biopharmaceutical company’s stock after purchasing an additional 3,121 shares during the quarter. Rhumbline Advisers’ holdings in Avid Bioservices were worth $1,170,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quest Partners LLC purchased a new position in Avid Bioservices during the 3rd quarter worth $38,000. R Squared Ltd purchased a new position in Avid Bioservices during the fourth quarter worth about $42,000. Entropy Technologies LP purchased a new position in Avid Bioservices during the fourth quarter worth about $195,000. Glenmede Trust Co. NA lifted its position in Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock valued at $199,000 after purchasing an additional 4,812 shares during the period. Finally, Creative Planning boosted its holdings in Avid Bioservices by 49.4% in 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. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.25.

Insider Buying and Selling

In other news, CEO Nicholas Stewart Green sold 145,911 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $1,783,032.42. Following the completion of the transaction, the chief executive officer now directly owns 157,620 shares of the company’s stock, valued at $1,926,116.40. This trade represents a 48.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Richard A. Richieri sold 3,843 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the completion of the sale, the insider now directly owns 44,556 shares in the company, valued at approximately $544,474.32. The trade was a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 349,850 shares of company stock worth $4,288,259 in the last three months. Corporate insiders own 3.05% of the company’s stock.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO opened at $12.50 on Thursday. The firm has a market capitalization of $799.18 million, a price-to-earnings 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. The business’s 50 day simple moving average is $12.44 and its 200-day simple moving average is $11.63. Avid Bioservices, Inc. has a 12 month low of $5.90 and a 12 month high of $12.51.

Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates 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 analysts forecast that Avid Bioservices, Inc. will post -0.46 earnings per share for the current fiscal 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.