Proficio Capital Partners LLC Buys New Shares in Avid Bioservices, Inc. (NASDAQ:CDMO)

Proficio Capital Partners LLC purchased a new position in Avid Bioservices, Inc. (NASDAQ:CDMO) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 17,031 shares of the biopharmaceutical company’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Quest Partners LLC bought a new stake in shares of Avid Bioservices in the third quarter valued at about $38,000. R Squared Ltd acquired a new position in Avid Bioservices in the 4th quarter valued at approximately $42,000. Entropy Technologies LP acquired a new position in Avid Bioservices in the 4th quarter valued at approximately $195,000. Glenmede Trust Co. NA lifted its position in shares of Avid Bioservices by 37.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after acquiring an additional 4,812 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of Avid Bioservices during the 3rd quarter worth approximately $244,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, insider Richard A. Richieri sold 3,843 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $46,961.46. Following the sale, the insider now directly owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel R. Hart sold 22,813 shares of the firm’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 transaction of $278,774.86. Following the sale, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 349,850 shares of company stock valued at $4,288,259 in the last 90 days. 3.05% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Stephens lowered 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 assigned a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Stock Performance

NASDAQ CDMO opened at $12.50 on Thursday. Avid Bioservices, Inc. has a twelve month low of $5.90 and a twelve month high of $12.51. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The stock has a market cap of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. The company’s 50-day simple moving average is $12.46 and its 200 day simple moving average is $11.68.

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

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.