Stephens Inc. AR Decreases Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Stephens Inc. AR decreased its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 1.2% in the third quarter, Holdings Channel.com reports. The firm owned 329,745 shares of the biopharmaceutical company’s stock after selling 4,018 shares during the period. Stephens Inc. AR’s holdings in Avid Bioservices were worth $3,752,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in 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 buying an additional 2,900 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Avid Bioservices by 50.8% in the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock worth $2,081,000 after acquiring an additional 104,573 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Avid Bioservices by 104.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock worth $412,000 after purchasing an additional 31,450 shares during the period. GSA Capital Partners LLP grew its holdings in Avid Bioservices by 394.8% during the 1st quarter. GSA Capital Partners LLP now owns 92,695 shares of the biopharmaceutical company’s stock valued at $621,000 after purchasing an additional 73,962 shares during the last quarter. Finally, 12 West Capital Management LP bought a new stake in Avid Bioservices in the first quarter worth about $18,425,000. Institutional investors own 97.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com raised Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Royal Bank of Canada increased their target price on Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. 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, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.50.

Avid Bioservices Trading Up 3.1 %

CDMO opened at $10.27 on Friday. 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 stock’s fifty day moving average is $10.49 and its two-hundred day moving average is $9.27. The company has a market capitalization of $655.12 million, a P/E ratio of -4.52 and a beta of 1.40. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48.

Avid Bioservices (NASDAQ:CDMO) last announced 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 for the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. Analysts forecast that Avid Bioservices, Inc. will post -0.29 earnings per share for the current year.

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The shares were 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 owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 19,323 shares of company stock valued at $194,208. Company insiders own 3.05% of the company’s stock.

About Avid Bioservices

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.