Glenmede Trust Co. NA Has $199,000 Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Glenmede Trust Co. NA increased its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 37.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 17,498 shares of the biopharmaceutical company’s stock after acquiring an additional 4,812 shares during the period. Glenmede Trust Co. NA’s holdings in Avid Bioservices were worth $199,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Quest Partners LLC acquired a new position in shares of Avid Bioservices during the 3rd quarter valued at about $38,000. Meeder Asset Management Inc. bought a new stake in Avid Bioservices during the 2nd quarter valued at approximately $38,000. Point72 DIFC Ltd bought a new stake in Avid Bioservices during the 2nd quarter valued at approximately $57,000. Principal Financial Group Inc. bought a new stake in Avid Bioservices during the 2nd quarter valued at approximately $80,000. Finally, TradeLink Capital LLC bought a new stake in Avid Bioservices during the 2nd quarter valued at approximately $92,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the sale, the chief executive officer now directly owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This trade represents a 7.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 19,323 shares of company stock worth $194,208 in the last 90 days. 3.05% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on CDMO shares. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.63.

Avid Bioservices Price Performance

Avid Bioservices stock opened at $12.28 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 company has a market capitalization of $783.34 million, a PE ratio of -5.41 and a beta of 1.44. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $12.48. The business has a 50 day simple moving average of $11.20 and a 200 day simple moving average of $9.97.

Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. On average, sell-side analysts forecast that Avid Bioservices, Inc. will post -0.38 EPS for the current fiscal year.

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.