Point72 Asia Singapore Pte. Ltd. Increases Stock Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 515.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,542 shares of the biopharmaceutical company’s stock after acquiring an additional 56,568 shares during the quarter. Point72 Asia Singapore Pte. Ltd. owned about 0.11% of Avid Bioservices worth $482,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC increased its position in shares of Avid Bioservices by 112.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 341,311 shares of the biopharmaceutical company’s stock worth $2,437,000 after purchasing an additional 180,692 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Avid Bioservices in the 2nd quarter worth about $57,000. Marshall Wace LLP bought a new stake in shares of Avid Bioservices in the 2nd quarter worth about $1,396,000. Sei Investments Co. increased its position in shares of Avid Bioservices by 14.9% in the 2nd quarter. Sei Investments Co. now owns 159,729 shares of the biopharmaceutical company’s stock worth $1,140,000 after purchasing an additional 20,766 shares during the last quarter. Finally, AltraVue Capital LLC increased its position in shares of Avid Bioservices by 7.6% in the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after purchasing an additional 239,343 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the sale, the chief executive officer now directly owns 212,314 shares of the company’s stock, valued at approximately $1,600,847.56. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders sold 9,216 shares of company stock valued at $69,984. Company insiders own 2.39% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Stephens reissued an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a research report on Tuesday, September 10th. Royal Bank of Canada boosted their price objective on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. Finally, StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.50.

Avid Bioservices Price Performance

NASDAQ CDMO opened at $10.73 on Thursday. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The stock has a market cap of $684.47 million, a price-to-earnings ratio of -4.86 and a beta of 1.37. The company has a 50-day moving average price of $10.48 and a two-hundred day moving average price of $8.56.

Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.10). The firm had revenue of $42.98 million during the quarter, compared to the consensus estimate of $42.60 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. Analysts forecast that Avid Bioservices, Inc. will post -0.34 EPS for the current year.

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.