Cinctive Capital Management LP Raises Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Cinctive Capital Management LP lifted its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 98.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 302,651 shares of the biopharmaceutical company's stock after acquiring an additional 150,211 shares during the period. Cinctive Capital Management LP owned 0.47% of Avid Bioservices worth $3,444,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Meeder Asset Management Inc. purchased a new position in Avid Bioservices in the 2nd quarter valued at approximately $38,000. Quest Partners LLC acquired a new position in Avid Bioservices during the third quarter worth $38,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices during the 2nd quarter valued at approximately $57,000. Principal Financial Group Inc. acquired a new stake in Avid Bioservices in the 2nd quarter valued at about $80,000. Finally, TradeLink Capital LLC purchased a new stake in Avid Bioservices during the 2nd quarter worth about $92,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CDMO. Stephens reissued an "overweight" rating and issued a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. Royal Bank of Canada restated a "sector perform" rating and set a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum cut shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. Finally, StockNews.com raised Avid Bioservices to a "sell" rating in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $13.63.

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the business's stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares in the company, valued at $2,277,862.65. The trade was a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is currently owned by company insiders.

Avid Bioservices Trading Down 0.2 %

Shares of CDMO stock traded down $0.03 on Tuesday, reaching $12.29. The company had a trading volume of 666,978 shares, compared to its average volume of 1,332,299. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. Avid Bioservices, Inc. has a 12 month low of $4.07 and a 12 month high of $12.48. The company has a 50-day moving average of $11.11 and a 200-day moving average of $9.90. The stock has a market cap of $783.98 million, a PE ratio of -5.43 and a beta of 1.44.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $39.50 million. On average, equities analysts forecast that Avid Bioservices, Inc. will post -0.38 earnings per share for the current year.

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.