Great Lakes Advisors LLC purchased a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO – Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 195,412 shares of the biopharmaceutical company’s stock, valued at approximately $3,666,000. Great Lakes Advisors LLC owned approximately 0.31% of Avid Bioservices at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of CDMO. Macquarie Group Ltd. raised its holdings in shares of Avid Bioservices by 0.5% in the second quarter. Macquarie Group Ltd. now owns 114,182 shares of the biopharmaceutical company’s stock valued at $1,743,000 after purchasing an additional 552 shares during the last quarter. First Republic Investment Management Inc. increased its stake in Avid Bioservices by 4.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 14,038 shares of the biopharmaceutical company’s stock valued at $214,000 after buying an additional 559 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Avid Bioservices by 4.5% during the 4th quarter. Arizona State Retirement System now owns 17,542 shares of the biopharmaceutical company’s stock worth $242,000 after buying an additional 763 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Avid Bioservices by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 23,183 shares of the biopharmaceutical company’s stock worth $319,000 after buying an additional 1,009 shares during the last quarter. Finally, Yousif Capital Management LLC boosted its stake in shares of Avid Bioservices by 1.8% in the 1st quarter. Yousif Capital Management LLC now owns 61,215 shares of the biopharmaceutical company’s stock worth $1,247,000 after buying an additional 1,070 shares during the last quarter.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on CDMO shares. Royal Bank of Canada cut their price objective on Avid Bioservices from $20.00 to $17.00 in a research report on Thursday, June 22nd. Stephens lowered their price objective on shares of Avid Bioservices from $24.00 to $20.00 in a research report on Thursday, June 22nd.
Avid Bioservices Stock Performance
Shares of CDMO opened at $12.14 on Friday. Avid Bioservices, Inc. has a 1 year low of $11.34 and a 1 year high of $21.05. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.53 and a quick ratio of 0.93. The stock’s fifty day moving average price is $13.63 and its two-hundred day moving average price is $15.99. The firm has a market cap of $761.54 million, a PE ratio of 1,215.22 and a beta of 1.70.
Avid Bioservices (NASDAQ:CDMO – Get Free Report) last announced its quarterly earnings data on Wednesday, June 21st. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $39.80 million for the quarter, compared to analysts’ expectations of $39.00 million. Avid Bioservices had a return on equity of 0.40% and a net margin of 0.38%. During the same period in the previous year, the business posted $0.04 EPS. On average, equities research analysts forecast that Avid Bioservices, Inc. will post -0.09 EPS for the current year.
Insider Activity at Avid Bioservices
In other news, insider Richard A. Richieri sold 2,758 shares of the firm’s stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $12.70, for a total value of $35,026.60. Following the completion of the transaction, the insider now directly owns 17,163 shares of the company’s stock, valued at $217,970.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Richard A. Richieri sold 2,758 shares of the firm’s stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $12.70, for a total value of $35,026.60. Following the completion of the transaction, the insider now directly owns 17,163 shares in the company, valued at $217,970.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Mark R. Ziebell sold 2,377 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $12.70, for a total transaction of $30,187.90. Following the sale, the general counsel now directly owns 48,255 shares in the company, valued at approximately $612,838.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,642 shares of company stock worth $1,147,989. Corporate insiders own 1.86% of the company’s stock.
About Avid Bioservices
Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.
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