Geode Capital Management LLC Boosts Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Geode Capital Management LLC increased its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 2.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,466,155 shares of the biopharmaceutical company’s stock after purchasing an additional 34,328 shares during the period. Geode Capital Management LLC owned approximately 2.30% of Avid Bioservices worth $16,688,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Janney Montgomery Scott LLC increased its stake in Avid Bioservices by 2.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock worth $878,000 after purchasing an additional 1,800 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after acquiring an additional 3,041 shares during the period. Quest Partners LLC bought a new position in shares of Avid Bioservices during the third quarter valued at about $38,000. Glenmede Trust Co. NA boosted its holdings in shares of Avid Bioservices by 37.9% during the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after purchasing an additional 4,812 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in shares of Avid Bioservices in the second quarter worth about $38,000. Institutional investors own 97.16% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 145,911 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $1,783,032.42. Following the transaction, the chief executive officer now owns 157,620 shares in the company, valued at $1,926,116.40. This represents a 48.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel R. Hart sold 22,813 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the sale, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. This represents a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 366,890 shares of company stock valued at $4,454,227. Company insiders own 3.05% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CDMO. William Blair restated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Stephens lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Royal Bank of Canada restated a “sector perform” rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com raised Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Finally, Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.25.

Avid Bioservices Trading Down 0.3 %

Shares of NASDAQ:CDMO opened at $12.24 on Monday. Avid Bioservices, Inc. has a 1 year low of $5.65 and a 1 year high of $12.48. The stock’s fifty day moving average price is $11.75 and its 200-day moving average price is $10.42. The company has a market cap of $782.91 million, a P/E ratio of -5.12 and a beta of 1.44. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05.

Avid Bioservices 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.