Millrace Asset Group Inc. Has $1.77 Million Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Millrace Asset Group Inc. trimmed its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 15.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,796 shares of the biopharmaceutical company’s stock after selling 27,668 shares during the quarter. Avid Bioservices makes up about 1.8% of Millrace Asset Group Inc.’s portfolio, making the stock its 23rd largest holding. Millrace Asset Group Inc. owned about 0.24% of Avid Bioservices worth $1,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. FMR LLC raised its position in shares of Avid Bioservices by 1,010.2% during the third quarter. FMR LLC now owns 70,096 shares of the biopharmaceutical company’s stock worth $798,000 after acquiring an additional 63,782 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Avid Bioservices by 63.3% in the third quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company’s stock valued at $4,564,000 after purchasing an additional 155,419 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Avid Bioservices by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 513,576 shares of the biopharmaceutical company’s stock valued at $5,844,000 after buying an additional 8,324 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Avid Bioservices during the 3rd quarter worth approximately $244,000. Finally, Phocas Financial Corp. purchased a new stake in Avid Bioservices in the third quarter worth $2,107,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the transaction, the chief executive officer now directly owns 226,653 shares of the company’s stock, valued at $2,277,862.65. The trade was a 7.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 19,323 shares of company stock worth $194,208 in the last 90 days. Insiders own 3.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CDMO. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Royal Bank of Canada restated 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 reissued an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. Finally, Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $13.63.

Avid Bioservices Stock Performance

CDMO stock opened at $12.30 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The firm’s fifty day simple moving average is $11.04 and its two-hundred day simple moving average is $9.78. Avid Bioservices, Inc. has a twelve month low of $4.07 and a twelve month high of $12.48. The stock has a market capitalization of $784.62 million, a price-to-earnings ratio of -5.42 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The firm had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. As a group, analysts anticipate that Avid Bioservices, Inc. will post -0.38 earnings per share for the current year.

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.