Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Bought by GSA Capital Partners LLP

GSA Capital Partners LLP increased its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 97.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 153,070 shares of the biopharmaceutical company's stock after purchasing an additional 75,473 shares during the quarter. GSA Capital Partners LLP owned approximately 0.24% of Avid Bioservices worth $1,742,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. bought a new stake in shares of Avid Bioservices during the 2nd quarter worth about $38,000. Point72 DIFC Ltd acquired a new stake in Avid Bioservices in the second quarter valued at $57,000. Principal Financial Group Inc. acquired a new position in shares of Avid Bioservices in the 2nd quarter worth approximately $80,000. TradeLink Capital LLC acquired a new position in Avid Bioservices during the 2nd quarter worth approximately $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company's stock worth $98,000 after acquiring an additional 3,041 shares during the period. Institutional investors own 97.16% of the company's stock.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction dated 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 owns 226,653 shares in the company, valued at approximately $2,277,862.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 19,323 shares of company stock worth $194,208. Company insiders own 3.05% of the company's stock.

Analyst Ratings Changes

CDMO has been the topic of several recent analyst reports. William Blair reissued a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. Stephens restated an "overweight" rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com raised shares of Avid Bioservices to a "sell" rating in a report on Tuesday, September 10th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Craig Hallum downgraded shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $13.63.

Avid Bioservices Trading Down 0.2 %

Shares of NASDAQ:CDMO traded down $0.03 during midday trading on Wednesday, reaching $12.20. 3,307,975 shares of the company's stock were exchanged, compared to its average volume of 1,278,821. The firm's 50 day simple moving average is $10.66 and its two-hundred day simple moving average is $9.52. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. Avid Bioservices, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $12.48. The stock has a market cap of $778.24 million, a price-to-earnings ratio of -5.39 and a beta of 1.40.

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

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.