Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Acquired by Royce & Associates LP

Royce & Associates LP raised its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 7.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 789,227 shares of the biopharmaceutical company's stock after buying an additional 57,111 shares during the quarter. Royce & Associates LP owned about 1.24% of Avid Bioservices worth $8,981,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CDMO. Emerald Advisers LLC purchased a new position in shares of Avid Bioservices during the third quarter valued at approximately $16,489,000. Emerald Mutual Fund Advisers Trust bought a new stake in Avid Bioservices during the 3rd quarter worth approximately $11,953,000. Point72 Asset Management L.P. boosted its holdings in Avid Bioservices by 51.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company's stock worth $19,086,000 after buying an additional 904,733 shares during the period. American Century Companies Inc. grew its position in shares of Avid Bioservices by 5,631.6% during the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company's stock worth $5,185,000 after purchasing an additional 713,523 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in Avid Bioservices by 171.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company's stock valued at $12,661,000 after buying an additional 702,553 shares in the last quarter. Institutional investors own 97.16% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. William Blair reaffirmed 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 report on Tuesday, September 10th. StockNews.com upgraded Avid Bioservices to a "sell" rating in a research report 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. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Avid Bioservices presently has a consensus rating of "Hold" and a consensus target price of $13.63.

Avid Bioservices Trading Up 0.2 %

Shares of NASDAQ CDMO traded up $0.02 during midday trading on Monday, hitting $12.16. The company's stock had a trading volume of 1,363,468 shares, compared to its average volume of 1,321,109. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The firm has a market cap of $775.75 million, a P/E ratio of -5.35 and a beta of 1.40. The business's 50 day moving average is $10.85 and its two-hundred day moving average is $9.62.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last issued its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. As a group, equities research analysts expect that Avid Bioservices, Inc. will post -0.38 EPS for the current year.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the firm's stock in a transaction that occurred 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 owns 226,653 shares of the company's stock, valued at $2,277,862.65. This trade represents a 7.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 19,323 shares of company stock valued at $194,208 in the last ninety days. Corporate insiders own 3.05% of the company's stock.

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.