Phocas Financial Corp. Has $343,000 Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Phocas Financial Corp. lowered its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 85.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 27,804 shares of the biopharmaceutical company’s stock after selling 157,316 shares during the quarter. Phocas Financial Corp.’s holdings in Avid Bioservices were worth $343,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of CDMO. Quest Partners LLC bought a new position in shares of Avid Bioservices during the 3rd quarter worth approximately $38,000. R Squared Ltd bought a new position in shares of Avid Bioservices during the 4th quarter worth approximately $42,000. Entropy Technologies LP bought a new position in shares of Avid Bioservices during the 4th quarter worth approximately $195,000. Glenmede Trust Co. NA lifted its position in shares of Avid Bioservices by 37.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after buying an additional 4,812 shares in the last quarter. Finally, Creative Planning raised its holdings in shares of Avid Bioservices by 49.4% in the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock worth $230,000 after purchasing an additional 6,672 shares during the period. Institutional investors own 97.16% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CDMO shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Stephens cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Trading Up 0.1 %

Shares of CDMO stock opened at $12.50 on Thursday. The company’s fifty day simple moving average is $12.42 and its two-hundred day simple moving average is $11.57. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 0.92. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.51. The stock has a market capitalization of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. As a group, analysts anticipate that Avid Bioservices, Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling at Avid Bioservices

In other news, insider Richard A. Richieri sold 2,283 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the completion of the transaction, the insider now directly owns 49,535 shares in the company, valued at $612,747.95. The trade was a 4.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Nicholas Stewart Green sold 75,000 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $12.31, for a total transaction of $923,250.00. Following the transaction, the chief executive officer now owns 151,653 shares of the company’s stock, valued at $1,866,848.43. This trade represents a 33.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 349,850 shares of company stock valued at $4,288,259 in the last 90 days. 3.05% of the stock is currently owned by company insiders.

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.