Mirae Asset Global Investments Co. Ltd. Buys 2,804 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Posted by on Jun 3rd, 2023

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating) by 11.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,782 shares of the biopharmaceutical company’s stock after buying an additional 2,804 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Avid Bioservices were worth $383,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CDMO. US Bancorp DE bought a new stake in Avid Bioservices during the 1st quarter valued at about $76,000. Captrust Financial Advisors lifted its holdings in Avid Bioservices by 170.6% during the 2nd quarter. Captrust Financial Advisors now owns 7,629 shares of the biopharmaceutical company’s stock valued at $116,000 after buying an additional 4,810 shares in the last quarter. LPL Financial LLC bought a new stake in Avid Bioservices during the 4th quarter valued at about $142,000. Wesbanco Bank Inc. bought a new stake in shares of Avid Bioservices in the 4th quarter valued at about $162,000. Finally, Everence Capital Management Inc. bought a new stake in shares of Avid Bioservices in the 4th quarter valued at about $174,000. Institutional investors own 98.95% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CDMO. Stephens restated an “overweight” rating and issued a $22.00 price target on shares of Avid Bioservices in a report on Tuesday, March 14th. Royal Bank of Canada restated an “outperform” rating and issued a $20.00 price target on shares of Avid Bioservices in a report on Tuesday, March 14th.

Insider Activity at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 7,000 shares of the company’s stock in a transaction on Thursday, April 13th. The stock was sold at an average price of $20.92, for a total value of $146,440.00. Following the transaction, the chief executive officer now directly owns 83,531 shares of the company’s stock, valued at approximately $1,747,468.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Nicholas Stewart Green sold 7,000 shares of the stock in a transaction on Thursday, April 13th. The shares were sold at an average price of $20.92, for a total value of $146,440.00. Following the sale, the chief executive officer now owns 83,531 shares in the company, valued at $1,747,468.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel R. Hart sold 5,000 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $19.00, for a total transaction of $95,000.00. Following the completion of the sale, the chief financial officer now owns 46,957 shares in the company, valued at approximately $892,183. The disclosure for this sale can be found here. Insiders have sold a total of 64,875 shares of company stock valued at $1,227,100 in the last ninety days. Company insiders own 1.86% of the company’s stock.

Avid Bioservices Price Performance

Shares of CDMO stock opened at $15.92 on Friday. The firm has a market capitalization of $995.80 million, a price-to-earnings ratio of 9.59 and a beta of 1.84. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.00 and a current ratio of 1.52. The stock’s 50-day simple moving average is $17.82 and its 200-day simple moving average is $16.31. Avid Bioservices, Inc. has a fifty-two week low of $11.34 and a fifty-two week high of $21.05.

Avid Bioservices (NASDAQ:CDMO – Get Rating) last posted its quarterly earnings results on Monday, March 13th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.11. Avid Bioservices had a net margin of 82.78% and a return on equity of 1.70%. The business had revenue of $38.02 million during the quarter, compared to analysts’ expectations of $36.00 million.

Avid Bioservices Profile

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Avid Bioservices, Inc engages in the commercial manufacturing. The firm focuses on the biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions and support.

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Institutional Ownership by Quarter for Avid Bioservices (NASDAQ:CDMO)

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