Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 23.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 758,259 shares of the biopharmaceutical company’s stock after selling 232,824 shares during the period. New York State Common Retirement Fund’s holdings in Avid Bioservices were worth $4,929,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CDMO. Wellington Management Group LLP grew its holdings in Avid Bioservices by 72.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock valued at $10,981,000 after buying an additional 490,569 shares in the last quarter. Federated Hermes Inc. purchased a new stake in Avid Bioservices in the 4th quarter valued at $2,090,000. Artisan Partners Limited Partnership grew its holdings in Avid Bioservices by 12.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,672,302 shares of the biopharmaceutical company’s stock valued at $15,787,000 after buying an additional 184,930 shares in the last quarter. Punch & Associates Investment Management Inc. grew its holdings in Avid Bioservices by 15.1% in the 3rd quarter. Punch & Associates Investment Management Inc. now owns 1,186,639 shares of the biopharmaceutical company’s stock valued at $11,202,000 after buying an additional 155,817 shares in the last quarter. Finally, Roubaix Capital LLC purchased a new stake in Avid Bioservices in the 3rd quarter valued at $735,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 11,762 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $7.40, for a total transaction of $87,038.80. Following the completion of the transaction, the chief executive officer now directly owns 203,606 shares in the company, valued at approximately $1,506,684.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 17,236 shares of company stock worth $127,546. 2.39% of the stock is currently owned by company insiders.

Avid Bioservices Stock Up 0.6 %

NASDAQ CDMO opened at $8.25 on Friday. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. Avid Bioservices, Inc. has a twelve month low of $4.07 and a twelve month high of $18.86. The stock has a fifty day simple moving average of $7.03 and a 200-day simple moving average of $6.51.

Analyst Ratings Changes

Separately, Royal Bank of Canada upped their target price on Avid Bioservices from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Avid Bioservices presently has a consensus rating of “Moderate Buy” and an average price target of $14.50.

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.