Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by Steward Partners Investment Advisory LLC

Steward Partners Investment Advisory LLC reduced its position in Avid Bioservices, Inc. (NASDAQ:CDMOGet Rating) by 43.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,378 shares of the biopharmaceutical company’s stock after selling 1,038 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Avid Bioservices were worth $28,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in CDMO. Allspring Global Investments Holdings LLC acquired a new position in shares of Avid Bioservices in the 4th quarter valued at $4,739,000. State of New Jersey Common Pension Fund D acquired a new position in shares of Avid Bioservices in the 4th quarter valued at $2,432,000. Yousif Capital Management LLC acquired a new position in shares of Avid Bioservices in the 4th quarter valued at $1,755,000. Assenagon Asset Management S.A. lifted its stake in shares of Avid Bioservices by 145.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 271,898 shares of the biopharmaceutical company’s stock valued at $7,934,000 after purchasing an additional 161,154 shares during the period. Finally, Oregon Public Employees Retirement Fund acquired a new position in shares of Avid Bioservices in the 4th quarter valued at $686,000. 99.36% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $19.36 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.03 and a current ratio of 2.38. The company has a fifty day moving average of $16.14 and a two-hundred day moving average of $17.28. The stock has a market capitalization of $1.20 billion, a PE ratio of 10.46 and a beta of 2.15. Avid Bioservices, Inc. has a fifty-two week low of $11.30 and a fifty-two week high of $34.51.

Avid Bioservices (NASDAQ:CDMOGet Rating) last released its earnings results on Wednesday, June 29th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. Avid Bioservices had a net margin of 106.75% and a return on equity of 19.70%. The business had revenue of $31.23 million during the quarter, compared to analyst estimates of $29.20 million. As a group, research analysts forecast that Avid Bioservices, Inc. will post 0.06 earnings per share for the current fiscal year.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 19,058 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $19.22, for a total transaction of $366,294.76. Following the completion of the sale, the chief executive officer now owns 69,708 shares of the company’s stock, valued at $1,339,787.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Nicholas Stewart Green sold 19,058 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $19.22, for a total transaction of $366,294.76. Following the completion of the sale, the chief executive officer now owns 69,708 shares of the company’s stock, valued at $1,339,787.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard B. Hancock sold 7,537 shares of the company’s stock in a transaction dated Monday, June 27th. The shares were sold at an average price of $16.07, for a total transaction of $121,119.59. Following the completion of the sale, the director now directly owns 35,201 shares of the company’s stock, valued at approximately $565,680.07. The disclosure for this sale can be found here. Insiders sold 73,196 shares of company stock valued at $1,304,059 over the last 90 days. 1.49% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reduced their price objective on shares of Avid Bioservices from $32.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, June 30th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.67.

About Avid Bioservices

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Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. The company produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.

See Also

Institutional Ownership by Quarter for Avid Bioservices (NASDAQ:CDMO)

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