Wells Fargo & Company MN Buys 9,792 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Wells Fargo & Company MN increased its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 40.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,058 shares of the biopharmaceutical company’s stock after purchasing an additional 9,792 shares during the quarter. Wells Fargo & Company MN owned about 0.05% of Avid Bioservices worth $421,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Jennison Associates LLC bought a new position in Avid Bioservices in the 4th quarter valued at $13,796,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in shares of Avid Bioservices during the fourth quarter valued at $7,320,000. JPMorgan Chase & Co. boosted its holdings in Avid Bioservices by 283.0% in the third quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock valued at $1,237,000 after acquiring an additional 80,308 shares during the last quarter. Barclays PLC increased its position in Avid Bioservices by 98.1% in the third quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock worth $1,532,000 after purchasing an additional 66,653 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Avid Bioservices by 11.5% during the 3rd quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock worth $692,000 after purchasing an additional 6,259 shares during the last quarter. 97.16% of the stock is owned by institutional investors.

Avid Bioservices Stock Performance

Avid Bioservices stock opened at $12.50 on Monday. The company has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a 1 year low of $6.53 and a 1 year high of $12.51. The company’s 50-day moving average is $12.50 and its two-hundred day moving average is $12.20.

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.