Citigroup Inc. Sells 10,025 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Posted by Defense World Staff on Sep 5th, 2023

Citigroup Inc. trimmed its position in Avid Bioservices, Inc. (NASDAQ:CDMO – Free Report) by 5.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 170,340 shares of the biopharmaceutical company’s stock after selling 10,025 shares during the quarter. Citigroup Inc. owned 0.27% of Avid Bioservices worth $3,196,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CDMO. JPMorgan Chase & Co. increased its stake in Avid Bioservices by 17.3% in the first quarter. JPMorgan Chase & Co. now owns 45,984 shares of the biopharmaceutical company’s stock valued at $936,000 after acquiring an additional 6,768 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Avid Bioservices by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 659,395 shares of the biopharmaceutical company’s stock valued at $13,432,000 after acquiring an additional 17,220 shares during the last quarter. US Bancorp DE bought a new stake in shares of Avid Bioservices during the first quarter worth $76,000. MetLife Investment Management LLC grew its stake in shares of Avid Bioservices by 50.1% during the first quarter. MetLife Investment Management LLC now owns 35,594 shares of the biopharmaceutical company’s stock worth $725,000 after buying an additional 11,881 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Avid Bioservices by 14.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 53,089 shares of the biopharmaceutical company’s stock worth $1,081,000 after buying an additional 6,727 shares during the last quarter.

Analysts Set New Price Targets

A number of analysts have weighed in on CDMO shares. Royal Bank of Canada decreased their target price on shares of Avid Bioservices from $20.00 to $17.00 in a research note on Thursday, June 22nd. Stephens decreased their target price on shares of Avid Bioservices from $24.00 to $20.00 in a research note on Thursday, June 22nd.

Read Our Latest Stock Report on CDMO

Avid Bioservices Stock Performance

Shares of Avid Bioservices stock opened at $12.50 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 1.53 and a debt-to-equity ratio of 0.75. Avid Bioservices, Inc. has a twelve month low of $11.34 and a twelve month high of $21.05. The stock has a market cap of $788.88 million, a price-to-earnings ratio of 1,251.25 and a beta of 1.68. The company’s fifty day moving average is $12.83 and its 200 day moving average is $15.63.

Avid Bioservices (NASDAQ:CDMO – Get Free Report) last issued its quarterly earnings data on Wednesday, June 21st. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. Avid Bioservices had a net margin of 0.38% and a return on equity of 0.40%. The company had revenue of $39.80 million for the quarter, compared to analysts’ expectations of $39.00 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. Sell-side analysts forecast that Avid Bioservices, Inc. will post -0.09 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Mark R. Ziebell sold 2,377 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $12.70, for a total value of $30,187.90. Following the sale, the general counsel now owns 48,255 shares of the company’s stock, valued at $612,838.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, General Counsel Mark R. Ziebell sold 2,377 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $12.70, for a total value of $30,187.90. Following the sale, the general counsel now owns 48,255 shares of the company’s stock, valued at $612,838.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Richard A. Richieri sold 2,758 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $12.70, for a total transaction of $35,026.60. Following the completion of the transaction, the insider now owns 17,163 shares in the company, valued at approximately $217,970.10. The disclosure for this sale can be found here. Insiders have sold a total of 82,642 shares of company stock valued at $1,066,139 over the last 90 days. 2.39% of the stock is owned by insiders.

About Avid Bioservices

(Free Report)

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.