Swiss National Bank trimmed its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO – Free Report) by 10.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 134,200 shares of the biopharmaceutical company’s stock after selling 15,900 shares during the period. Swiss National Bank owned 0.21% of Avid Bioservices worth $2,518,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Scissortail Wealth Management LLC bought a new stake in shares of Avid Bioservices in the first quarter worth about $304,617,000. Lakewood Asset Management LLC bought a new position in shares of Avid Bioservices during the 4th quarter valued at $35,000. US Bancorp DE purchased a new stake in shares of Avid Bioservices in the 1st quarter worth $76,000. Captrust Financial Advisors increased its stake in Avid Bioservices by 170.6% in the 2nd quarter. Captrust Financial Advisors now owns 7,629 shares of the biopharmaceutical company’s stock worth $116,000 after buying an additional 4,810 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Avid Bioservices by 15.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,785 shares of the biopharmaceutical company’s stock valued at $165,000 after purchasing an additional 1,169 shares in the last quarter.
Analysts Set New Price Targets
Several analysts have issued reports on the stock. Stephens decreased their price objective on shares of Avid Bioservices from $24.00 to $20.00 in a research note on Thursday, June 22nd. Royal Bank of Canada decreased their price target on shares of Avid Bioservices from $20.00 to $17.00 in a research note on Thursday, June 22nd.
Insider Transactions at Avid Bioservices
In other news, CFO Daniel R. Hart sold 6,884 shares of the company’s stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $12.70, for a total transaction of $87,426.80. Following the completion of the sale, the chief financial officer now directly owns 61,141 shares in the company, valued at approximately $776,490.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Avid Bioservices news, General Counsel Mark R. Ziebell sold 2,377 shares of the firm’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $12.70, for a total value of $30,187.90. Following the transaction, the general counsel now owns 48,255 shares of the company’s stock, valued at $612,838.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel R. Hart sold 6,884 shares of the firm’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $12.70, for a total transaction of $87,426.80. Following the completion of the transaction, the chief financial officer now directly owns 61,141 shares in the company, valued at approximately $776,490.70. The disclosure for this sale can be found here. Insiders have sold 82,642 shares of company stock valued at $1,066,139 in the last quarter. 2.39% of the stock is currently owned by corporate insiders.
Avid Bioservices Stock Down 2.4 %
Shares of NASDAQ CDMO opened at $12.20 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 0.93 and a debt-to-equity ratio of 0.75. The stock has a market cap of $769.94 million, a PE ratio of 1,221.22 and a beta of 1.68. The company has a 50-day moving average of $12.81 and a 200 day moving average of $15.60. Avid Bioservices, Inc. has a 12-month low of $11.34 and a 12-month high of $21.05.
Avid Bioservices (NASDAQ:CDMO – Get Free Report) last released its earnings results on Wednesday, June 21st. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Avid Bioservices had a net margin of 0.38% and a return on equity of 0.40%. The company had revenue of $39.80 million for the quarter, compared to analyst estimates of $39.00 million. During the same period in the prior year, the business earned $0.04 EPS. As a group, sell-side analysts predict that Avid Bioservices, Inc. will post -0.09 EPS for the current fiscal year.
About Avid Bioservices
Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.
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