Geode Capital Management LLC Grows Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Geode Capital Management LLC boosted its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 2.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,466,155 shares of the biopharmaceutical company’s stock after buying an additional 34,328 shares during the period. Geode Capital Management LLC’s holdings in Avid Bioservices were worth $16,688,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CDMO. Royce & Associates LP increased its position in Avid Bioservices by 7.8% in the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock worth $8,981,000 after purchasing an additional 57,111 shares during the last quarter. Emerald Advisers LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter worth about $16,489,000. GSA Capital Partners LLP raised its position in shares of Avid Bioservices by 97.3% during the 3rd quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock valued at $1,742,000 after buying an additional 75,473 shares in the last quarter. Phocas Financial Corp. bought a new position in shares of Avid Bioservices in the 3rd quarter valued at about $2,107,000. Finally, Fisher Asset Management LLC grew its position in Avid Bioservices by 63.3% in the third quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company’s stock worth $4,564,000 after acquiring an additional 155,419 shares in the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

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

Avid Bioservices Stock Down 0.3 %

Shares of CDMO opened at $12.24 on Monday. The firm has a fifty day moving average price of $11.75 and a 200-day moving average price of $10.42. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. The firm has a market capitalization of $782.91 million, a P/E ratio of -5.12 and a beta of 1.44. Avid Bioservices, Inc. has a 12-month low of $5.65 and a 12-month high of $12.48.

Insider Buying and Selling at Avid Bioservices

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

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.