Phocas Financial Corp. Purchases New Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Phocas Financial Corp. purchased a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 185,120 shares of the biopharmaceutical company's stock, valued at approximately $2,107,000. Phocas Financial Corp. owned approximately 0.29% of Avid Bioservices at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Quest Partners LLC acquired a new position in shares of Avid Bioservices during the 3rd quarter worth approximately $38,000. Meeder Asset Management Inc. bought a new position in Avid Bioservices during the second quarter worth about $38,000. Point72 DIFC Ltd acquired a new position in Avid Bioservices during the second quarter worth approximately $57,000. Principal Financial Group Inc. bought a new stake in Avid Bioservices in the second quarter valued at approximately $80,000. Finally, TradeLink Capital LLC acquired a new stake in shares of Avid Bioservices in the second quarter valued at approximately $92,000. 97.16% of the stock is owned by institutional investors and hedge funds.

Avid Bioservices Trading Up 0.2 %

Shares of NASDAQ:CDMO traded up $0.03 during midday trading on Wednesday, hitting $12.22. 1,158,458 shares of the stock were exchanged, compared to its average volume of 1,322,347. The business's 50-day moving average price is $10.94 and its 200 day moving average price is $9.67. The stock has a market capitalization of $779.51 million, a price-to-earnings ratio of -5.37 and a beta of 1.40. Avid Bioservices, Inc. has a 12 month low of $4.07 and a 12 month high of $12.48. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last announced its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $40.17 million during the quarter, compared to analysts' expectations of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Analysts predict that Avid Bioservices, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Stephens restated an "overweight" rating and issued a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. William Blair reissued a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. StockNews.com upgraded Avid Bioservices to a "sell" rating in a research report on Tuesday, September 10th. Craig Hallum cut shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $13.63.

Insiders Place Their Bets

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the firm's stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares of the company's stock, valued at $2,277,862.65. This trade represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders have sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is currently owned by company insiders.

Avid Bioservices Company 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.