Barclays PLC Boosts Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Barclays PLC grew its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 98.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 134,598 shares of the biopharmaceutical company's stock after buying an additional 66,653 shares during the quarter. Barclays PLC owned about 0.21% of Avid Bioservices worth $1,532,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CDMO. Meeder Asset Management Inc. acquired a new position in Avid Bioservices during the second quarter valued at $38,000. Quest Partners LLC acquired a new position in shares of Avid Bioservices in the 3rd quarter valued at about $38,000. Point72 DIFC Ltd purchased a new stake in shares of Avid Bioservices in the second quarter worth approximately $57,000. Principal Financial Group Inc. purchased a new position in Avid Bioservices during the second quarter valued at approximately $80,000. Finally, Glenmede Trust Co. NA lifted its position in Avid Bioservices by 37.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company's stock worth $199,000 after buying an additional 4,812 shares in the last quarter. 97.16% of the stock is owned by institutional investors.

Avid Bioservices Stock Performance

Avid Bioservices stock traded up $0.02 during trading hours on Monday, hitting $12.43. The company had a trading volume of 832,851 shares, compared to its average volume of 1,149,964. The firm has a market cap of $795.06 million, a PE ratio of -5.20 and a beta of 1.40. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. Avid Bioservices, Inc. has a one year low of $5.90 and a one year high of $12.48. The firm has a 50-day moving average of $12.19 and a 200 day moving average of $10.78.

Insider Buying and Selling

In other news, CFO Daniel R. Hart sold 22,813 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $278,774.86. Following the completion of the sale, the chief financial officer now owns 110,980 shares of the company's stock, valued at approximately $1,356,175.60. This represents a 17.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Nicholas Stewart Green sold 145,911 shares of the business's stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $1,783,032.42. Following the completion of the transaction, the chief executive officer now directly owns 157,620 shares in the company, valued at approximately $1,926,116.40. This trade represents a 48.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 347,567 shares of company stock valued at $4,260,019 over the last quarter. 3.05% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently commented on CDMO. Craig Hallum cut Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. William Blair reiterated a "market perform" rating 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 report on Wednesday, December 4th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $12.25.

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.