State Street Corp Sells 330,097 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

State Street Corp lowered its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 9.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 3,002,503 shares of the biopharmaceutical company's stock after selling 330,097 shares during the period. State Street Corp owned 4.71% of Avid Bioservices worth $34,168,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royce & Associates LP lifted its position in shares of Avid Bioservices by 7.8% in the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company's stock valued at $8,981,000 after buying an additional 57,111 shares during the last quarter. Emerald Advisers LLC bought a new position in Avid Bioservices during the third quarter worth $16,489,000. GSA Capital Partners LLP increased its holdings in shares of Avid Bioservices by 97.3% in the third quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company's stock valued at $1,742,000 after purchasing an additional 75,473 shares during the last quarter. Phocas Financial Corp. bought a new position in shares of Avid Bioservices in the third quarter valued at about $2,107,000. Finally, Fisher Asset Management LLC lifted its stake in shares of Avid Bioservices by 63.3% during the 3rd quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company's stock worth $4,564,000 after buying an additional 155,419 shares during the last quarter. Institutional investors own 97.16% of the company's stock.

Wall Street Analysts Forecast Growth

CDMO has been the topic of several research analyst reports. 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 note on Tuesday, September 10th. Royal Bank of Canada restated 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. Stephens cut Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 4th. Finally, Craig Hallum downgraded Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $12.25.

Avid Bioservices Price Performance

Shares of NASDAQ CDMO traded down $0.03 during midday trading on Friday, reaching $12.30. The company's stock had a trading volume of 1,059,552 shares, compared to its average volume of 1,320,051. The company has a market cap of $786.74 million, a P/E ratio of -5.15 and a beta of 1.44. Avid Bioservices, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $12.48. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.05 and a current ratio of 1.30. The business's 50 day moving average price is $11.54 and its two-hundred day moving average price is $10.25.

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the company'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 completion of the sale, the chief executive officer now owns 226,653 shares of the company's stock, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 19,323 shares of company stock valued at $194,208 in the last three months. Corporate insiders own 3.05% of the company's stock.

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.