Millrace Asset Group Inc. Decreases Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Millrace Asset Group Inc. decreased its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 15.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 155,796 shares of the biopharmaceutical company’s stock after selling 27,668 shares during the quarter. Avid Bioservices comprises approximately 1.8% of Millrace Asset Group Inc.’s portfolio, making the stock its 23rd biggest holding. Millrace Asset Group Inc.’s holdings in Avid Bioservices were worth $1,773,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Millennium Management LLC raised its stake in shares of Avid Bioservices by 15.8% in the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after acquiring an additional 695,512 shares during the period. Vanguard Group Inc. lifted its position in shares of Avid Bioservices by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock worth $24,557,000 after purchasing an additional 47,315 shares during the last quarter. AltraVue Capital LLC boosted its position in shares of Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after acquiring an additional 239,343 shares in the last quarter. Point72 Asset Management L.P. increased its stake in Avid Bioservices by 51.2% in the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after purchasing an additional 904,733 shares during the last quarter. Finally, Emerald Advisers LLC acquired a new stake in Avid Bioservices during the 3rd quarter worth $16,489,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at $2,277,862.65. This trade represents a 7.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 19,323 shares of company stock valued at $194,208 over the last three months. 3.05% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $12.50 price target (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. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Avid Bioservices presently has a consensus rating of “Hold” and an average target price of $13.63.

Avid Bioservices Stock Performance

NASDAQ CDMO opened at $12.30 on Tuesday. The firm has a market capitalization of $784.62 million, a P/E ratio of -5.42 and a beta of 1.40. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. Avid Bioservices, Inc. has a 1-year low of $4.07 and a 1-year high of $12.48. The business’s 50-day simple moving average is $11.04 and its 200-day simple moving average is $9.78.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating 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 business had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. Equities analysts predict that Avid Bioservices, Inc. will post -0.38 EPS for the current year.

Avid Bioservices Company 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.