UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Stock Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 14.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,443 shares of the biopharmaceutical company’s stock after selling 24,323 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.22% of Avid Bioservices worth $1,587,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Emerald Advisers LLC purchased a new position in Avid Bioservices during the 3rd quarter worth $16,489,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Avid Bioservices during the 3rd quarter valued at approximately $11,953,000. Point72 Asset Management L.P. lifted its position in Avid Bioservices by 51.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock worth $19,086,000 after acquiring an additional 904,733 shares during the period. American Century Companies Inc. grew its stake in shares of Avid Bioservices by 5,631.6% in the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after purchasing an additional 713,523 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Avid Bioservices by 171.3% in the third quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock valued at $12,661,000 after purchasing an additional 702,553 shares during the period. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Stock Up 0.2 %

Shares of NASDAQ:CDMO opened at $12.36 on Tuesday. Avid Bioservices, Inc. has a 1 year low of $5.65 and a 1 year high of $12.48. The stock has a 50-day simple moving average of $11.38 and a 200-day simple moving average of $10.15. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30. The stock has a market capitalization of $790.58 million, a P/E ratio of -5.17 and a beta of 1.44.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 19,323 shares of company stock worth $194,208. 3.05% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CDMO has been the topic of a number of analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $12.25.

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.