Intech Investment Management LLC Purchases 6,139 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Intech Investment Management LLC raised its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 28.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 27,591 shares of the biopharmaceutical company’s stock after buying an additional 6,139 shares during the period. Intech Investment Management LLC’s holdings in Avid Bioservices were worth $341,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CDMO. Jennison Associates LLC bought a new stake in Avid Bioservices during the 4th quarter valued at approximately $13,796,000. Tokio Marine Asset Management Co. Ltd. purchased a new stake in Avid Bioservices during the 4th quarter valued at approximately $7,320,000. JPMorgan Chase & Co. lifted its holdings in shares of Avid Bioservices by 283.0% in the third quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock worth $1,237,000 after buying an additional 80,308 shares in the last quarter. Barclays PLC lifted its holdings in shares of Avid Bioservices by 98.1% in the third quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock worth $1,532,000 after buying an additional 66,653 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Avid Bioservices by 63.3% during 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 during the last quarter. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Avid Bioservices Stock Up 0.1 %

NASDAQ CDMO opened at $12.50 on Wednesday. The stock has a 50 day moving average price of $12.48 and a 200-day moving average price of $11.85. Avid Bioservices, Inc. has a one year low of $6.14 and a one year high of $12.51. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. The company has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39.

Insider Buying and Selling at Avid Bioservices

In related news, insider Richard A. Richieri sold 3,843 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the completion of the transaction, the insider now owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. This trade represents a 7.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nicholas Stewart Green sold 145,911 shares of the business’s stock in a transaction that occurred 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 directly owns 157,620 shares in the company, valued at $1,926,116.40. The trade was a 48.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 174,850 shares of company stock worth $2,137,009 over the last 90 days. 3.05% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Stephens cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.25.

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.