Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP boosted its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 7.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 216,331 shares of the biopharmaceutical company’s stock after acquiring an additional 15,541 shares during the quarter. Wellington Management Group LLP owned about 0.34% of Avid Bioservices worth $2,462,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices in the second quarter valued at $38,000. Quest Partners LLC purchased a new position in Avid Bioservices in the 3rd quarter valued at about $38,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices during the second quarter valued at about $57,000. Principal Financial Group Inc. purchased a new stake in shares of Avid Bioservices during the second quarter worth about $80,000. Finally, TradeLink Capital LLC acquired a new position in shares of Avid Bioservices in the second quarter worth about $92,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value 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 $2,277,862.65. The trade was a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 19,323 shares of company stock valued at $194,208. Company insiders own 3.05% of the company’s stock.

Avid Bioservices Stock Performance

CDMO stock opened at $12.36 on Wednesday. The firm has a market cap of $790.58 million, a P/E ratio of -5.17 and a beta of 1.44. The stock’s 50 day simple moving average is $11.42 and its 200 day simple moving average is $10.18. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a 12-month low of $5.65 and a 12-month high of $12.48.

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.