Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Acquired by Fisher Asset Management LLC

Fisher Asset Management LLC grew its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 63.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 401,081 shares of the biopharmaceutical company's stock after purchasing an additional 155,419 shares during the period. Fisher Asset Management LLC owned approximately 0.63% of Avid Bioservices worth $4,564,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Avid Bioservices by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company's stock valued at $24,557,000 after acquiring an additional 47,315 shares during the period. Price T Rowe Associates Inc. MD raised its position in Avid Bioservices by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company's stock valued at $204,000 after purchasing an additional 1,649 shares during the period. Harbor Capital Advisors Inc. lifted its stake in Avid Bioservices by 313.7% during the second quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company's stock worth $2,928,000 after purchasing an additional 310,921 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Avid Bioservices by 8.3% during the second quarter. Bank of New York Mellon Corp now owns 260,313 shares of the biopharmaceutical company's stock worth $1,859,000 after purchasing an additional 19,960 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company's stock worth $98,000 after buying an additional 3,041 shares during the period. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the sale, the chief executive officer now directly owns 226,653 shares of the company's stock, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Royal Bank of Canada reiterated a "sector perform" rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum cut shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. Stephens reissued an "overweight" rating and issued a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. Finally, StockNews.com raised shares of Avid Bioservices to a "sell" rating in a research report on Tuesday, September 10th. One 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, the stock currently has a consensus rating of "Hold" and an average target price of $13.63.

Avid Bioservices Stock Down 0.6 %

Avid Bioservices stock traded down $0.07 during mid-day trading on Friday, hitting $12.28. The company had a trading volume of 506,335 shares, compared to its average volume of 1,336,275. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. Avid Bioservices, Inc. has a 1 year low of $4.07 and a 1 year high of $12.48. The business has a fifty day moving average of $11.09 and a 200 day moving average of $9.86. The stock has a market cap of $783.34 million, a price-to-earnings ratio of -5.41 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last posted its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The firm had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. On average, sell-side analysts expect that Avid Bioservices, Inc. will post -0.38 earnings per share for the current fiscal year.

Avid Bioservices Company 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.