Sargent Investment Group LLC Trims Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Sargent Investment Group LLC reduced its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 32.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 377,694 shares of the biopharmaceutical company's stock after selling 180,936 shares during the period. Sargent Investment Group LLC owned approximately 0.59% of Avid Bioservices worth $4,695,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its holdings in shares of Avid Bioservices by 2.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company's stock worth $878,000 after acquiring an additional 1,800 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Avid Bioservices during the 3rd quarter worth $38,000. R Squared Ltd bought a new stake in shares of Avid Bioservices during the 4th quarter worth $42,000. Glenmede Trust Co. NA lifted its holdings in shares of Avid Bioservices by 37.9% during 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 last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its holdings in shares of Avid Bioservices by 0.8% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 771,700 shares of the biopharmaceutical company's stock worth $8,782,000 after acquiring an additional 6,200 shares during the last quarter. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 100,000 shares of the company's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $12.28, for a total transaction of $1,228,000.00. Following the completion of the transaction, the chief executive officer now directly owns 51,653 shares of the company's stock, valued at approximately $634,298.84. This represents a 65.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction, the insider now directly owns 44,556 shares of the company's stock, valued at approximately $544,474.32. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 349,850 shares of company stock valued at $4,288,259. Insiders own 3.05% of the company's stock.

Avid Bioservices Trading Up 0.1 %

Avid Bioservices stock traded up $0.02 during mid-day trading on Friday, hitting $12.50. The company's stock had a trading volume of 3,067,700 shares, compared to its average volume of 1,247,358. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 0.92. The stock has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39. The business has a 50 day moving average price of $12.37 and a 200-day moving average price of $11.35. Avid Bioservices, Inc. has a 12 month low of $5.90 and a 12 month high of $12.51.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last posted its quarterly earnings results 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 return on equity of 33.18% and a negative net margin of 101.07%. As a group, analysts forecast that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CDMO shares. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum downgraded shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. Stephens downgraded shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada reissued 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 and four have assigned a hold rating to the stock. According to MarketBeat.com, Avid Bioservices has an average rating of "Hold" and a consensus target price of $12.25.

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.