M&T Bank Corp Sells 65,317 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

M&T Bank Corp reduced its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 63.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,403 shares of the biopharmaceutical company’s stock after selling 65,317 shares during the period. M&T Bank Corp’s holdings in Avid Bioservices were worth $475,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of CDMO. Point72 Asset Management L.P. grew its stake in shares of Avid Bioservices by 42.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after purchasing an additional 1,142,756 shares during the period. Jennison Associates LLC bought a new stake in shares of Avid Bioservices in the 4th quarter valued at approximately $13,796,000. Point72 DIFC Ltd grew its stake in shares of Avid Bioservices by 12,530.9% in the 3rd quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock valued at $11,422,000 after purchasing an additional 995,707 shares during the period. Alberta Investment Management Corp bought a new stake in shares of Avid Bioservices in the 4th quarter valued at approximately $8,028,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Avid Bioservices in the 4th quarter valued at approximately $7,320,000. 97.16% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Avid Bioservices news, insider Richard A. Richieri sold 3,843 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 transaction of $46,961.46. Following the transaction, the insider now owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. This represents a 7.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas Stewart Green sold 75,000 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $12.31, for a total value of $923,250.00. Following the transaction, the chief executive officer now directly owns 151,653 shares in the company, valued at approximately $1,866,848.43. This represents a 33.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 349,850 shares of company stock valued at $4,288,259. 3.05% of the stock is currently owned by corporate insiders.

Avid Bioservices Stock Up 0.1 %

Shares of CDMO opened at $12.50 on Friday. The company has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. 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 one year low of $5.90 and a one year high of $12.51. The business’s 50 day simple moving average is $12.46 and its 200-day simple moving average is $11.68.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. As a group, sell-side analysts predict that Avid Bioservices, Inc. will post -0.46 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $12.25.

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.