Fmr LLC Raises Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Fmr LLC boosted its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 1,010.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 70,096 shares of the biopharmaceutical company’s stock after buying an additional 63,782 shares during the period. Fmr LLC’s holdings in Avid Bioservices were worth $798,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fisher Asset Management LLC raised its holdings in shares of Avid Bioservices by 63.3% during the 3rd quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company’s stock valued at $4,564,000 after buying an additional 155,419 shares during the period. Charles Schwab Investment Management Inc. grew its position in Avid Bioservices by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 513,576 shares of the biopharmaceutical company’s stock valued at $5,844,000 after acquiring an additional 8,324 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Avid Bioservices during the third quarter valued at approximately $244,000. Phocas Financial Corp. acquired a new position in shares of Avid Bioservices during the third quarter worth $2,107,000. Finally, Quest Partners LLC purchased a new position in shares of Avid Bioservices in the third quarter valued at $38,000. 97.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. William Blair reaffirmed 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 note on Tuesday, September 10th. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $12.25.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the sale, the chief executive officer now directly owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 19,323 shares of company stock worth $194,208 over the last quarter. 3.05% of the stock is owned by corporate insiders.

Avid Bioservices Stock Performance

Shares of CDMO stock opened at $12.36 on Wednesday. The stock has a market capitalization of $790.58 million, a price-to-earnings ratio of -5.17 and a beta of 1.44. Avid Bioservices, Inc. has a one year low of $5.65 and a one year high of $12.48. The company’s 50-day simple moving average is $11.42 and its 200-day simple moving average is $10.18. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30.

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.