Point72 DIFC Ltd Makes New Investment in Avid Bioservices, Inc. (NASDAQ:CDMO)

Point72 DIFC Ltd acquired a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 7,946 shares of the biopharmaceutical company’s stock, valued at approximately $57,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in Avid Bioservices by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock valued at $204,000 after purchasing an additional 1,649 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Avid Bioservices by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock valued at $293,000 after buying an additional 2,900 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after buying an additional 3,041 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Avid Bioservices during the second quarter worth $38,000. Finally, Rhumbline Advisers lifted its stake in Avid Bioservices by 6.1% in the second quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock valued at $676,000 after acquiring an additional 5,408 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Wall Street Analysts Forecast Growth

CDMO has been the topic of several recent analyst reports. Royal Bank of Canada boosted their price objective on shares of Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Stephens restated an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Finally, William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.50.

Avid Bioservices Stock Performance

CDMO opened at $11.34 on Friday. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The business has a fifty day simple moving average of $10.55 and a 200 day simple moving average of $8.62. Avid Bioservices, Inc. has a 1 year low of $4.07 and a 1 year high of $12.48. The company has a market capitalization of $723.38 million, a PE ratio of -5.13 and a beta of 1.37.

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

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was 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 in the company, valued at $1,600,847.56. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 9,216 shares of company stock valued at $69,984. 2.39% of the stock is currently owned by company insiders.

Avid Bioservices Company Profile

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.