The Manufacturers Life Insurance Company Sells 1,185 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

The Manufacturers Life Insurance Company trimmed its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 4.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,159 shares of the biopharmaceutical company’s stock after selling 1,185 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Avid Bioservices were worth $286,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CDMO. FIL Ltd bought a new stake in Avid Bioservices during the fourth quarter worth approximately $31,598,000. Alpine Associates Management Inc. bought a new stake in Avid Bioservices during the fourth quarter worth approximately $24,034,000. Water Island Capital LLC bought a new stake in Avid Bioservices during the fourth quarter worth approximately $19,715,000. Hsbc Holdings PLC bought a new stake in Avid Bioservices during the fourth quarter worth approximately $18,865,000. Finally, Jennison Associates LLC bought a new stake in Avid Bioservices during the fourth quarter worth approximately $13,796,000. 97.16% of the stock is owned by institutional investors.

Avid Bioservices Trading Up 0.1%

Shares of NASDAQ CDMO opened at $12.50 on Monday. The business’s 50 day moving average is $12.50 and its two-hundred day moving average is $12.36. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 0.92. Avid Bioservices, Inc. has a 1-year low of $6.53 and a 1-year high of $12.51. The stock has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39.

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.