Quinn Opportunity Partners LLC Lowers Stock Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Quinn Opportunity Partners LLC lessened its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 10.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 18,030 shares of the biopharmaceutical company’s stock after selling 2,000 shares during the period. Quinn Opportunity Partners LLC’s holdings in Avid Bioservices were worth $338,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. lifted its position in shares of Avid Bioservices by 1.5% in the 3rd quarter. BlackRock Inc. now owns 9,654,699 shares of the biopharmaceutical company’s stock worth $184,597,000 after purchasing an additional 141,894 shares during the period. State Street Corp lifted its position in Avid Bioservices by 18.2% during the first quarter. State Street Corp now owns 4,403,082 shares of the biopharmaceutical company’s stock valued at $89,691,000 after acquiring an additional 677,944 shares during the last quarter. Vanguard Group Inc. lifted its position in Avid Bioservices by 7.0% during the third quarter. Vanguard Group Inc. now owns 4,218,925 shares of the biopharmaceutical company’s stock valued at $80,667,000 after acquiring an additional 275,783 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Avid Bioservices by 119.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,607,653 shares of the biopharmaceutical company’s stock valued at $49,678,000 after acquiring an additional 1,965,560 shares during the last quarter. Finally, AltraVue Capital LLC lifted its position in Avid Bioservices by 23.0% during the fourth quarter. AltraVue Capital LLC now owns 3,302,960 shares of the biopharmaceutical company’s stock valued at $45,482,000 after acquiring an additional 618,000 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CDMO shares. TheStreet cut shares of Avid Bioservices from a “c” rating to a “d+” rating in a research report on Thursday. Stephens decreased their target price on shares of Avid Bioservices from $24.00 to $20.00 in a research report on Thursday, June 22nd. Finally, Royal Bank of Canada decreased their target price on shares of Avid Bioservices from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday.

Avid Bioservices Trading Down 6.8 %

Shares of Avid Bioservices stock opened at $10.83 on Friday. The company has a current ratio of 1.53, a quick ratio of 0.93 and a debt-to-equity ratio of 0.75. Avid Bioservices, Inc. has a 12-month low of $10.08 and a 12-month high of $21.05. The firm has a market capitalization of $683.17 million, a price-to-earnings ratio of -270.63 and a beta of 1.68. The firm’s 50 day simple moving average is $12.70 and its two-hundred day simple moving average is $15.51.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Thursday, September 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Avid Bioservices had a negative net margin of 2.06% and a negative return on equity of 1.55%. The business had revenue of $37.73 million for the quarter, compared to analyst estimates of $34.00 million. During the same quarter in the prior year, the business posted $0.02 EPS. Analysts predict that Avid Bioservices, Inc. will post -0.09 EPS for the current year.

Insider Buying and Selling at Avid Bioservices

In other news, insider Richard A. Richieri sold 2,758 shares of the stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $12.70, for a total value of $35,026.60. Following the sale, the insider now owns 17,163 shares in the company, valued at $217,970.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Richard A. Richieri sold 2,758 shares of the stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $12.70, for a total value of $35,026.60. Following the sale, the insider now owns 17,163 shares in the company, valued at $217,970.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nicholas Stewart Green sold 19,519 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $12.99, for a total transaction of $253,551.81. Following the completion of the sale, the chief executive officer now owns 145,844 shares in the company, valued at approximately $1,894,513.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 82,642 shares of company stock worth $1,066,139. 2.39% of the stock is owned by corporate insiders.

Avid Bioservices Company Profile

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.