Stephens Inc. AR Sells 4,018 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Stephens Inc. AR reduced its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 1.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 329,745 shares of the biopharmaceutical company’s stock after selling 4,018 shares during the quarter. Stephens Inc. AR owned about 0.52% of Avid Bioservices worth $3,752,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Avid Bioservices by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock worth $293,000 after acquiring an additional 2,900 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Avid Bioservices by 50.8% during the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock valued at $2,081,000 after purchasing an additional 104,573 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Avid Bioservices by 104.5% in the first quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock worth $412,000 after buying an additional 31,450 shares during the last quarter. GSA Capital Partners LLP lifted its stake in shares of Avid Bioservices by 394.8% in the first quarter. GSA Capital Partners LLP now owns 92,695 shares of the biopharmaceutical company’s stock worth $621,000 after buying an additional 73,962 shares in the last quarter. Finally, 12 West Capital Management LP purchased a new stake in shares of Avid Bioservices during the first quarter valued at approximately $18,425,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CDMO shares. Stephens reaffirmed an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. Royal Bank of Canada lifted their price objective on Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Avid Bioservices Stock Up 3.1 %

Avid Bioservices stock opened at $10.27 on Friday. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $12.48. The stock has a fifty day moving average of $10.49 and a 200 day moving average of $9.27. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. The stock has a market cap of $655.12 million, a PE ratio of -4.52 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. As a group, sell-side analysts predict that Avid Bioservices, Inc. will post -0.29 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at $2,277,862.65. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last ninety days, insiders have sold 19,323 shares of company stock worth $194,208. Company insiders own 3.05% of the company’s stock.

Avid Bioservices 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.