FMR LLC increased its position in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 1,010.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,096 shares of the biopharmaceutical company's stock after buying an additional 63,782 shares during the quarter. FMR LLC owned about 0.11% of Avid Bioservices worth $798,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Fisher Asset Management LLC boosted its position in shares of Avid Bioservices by 63.3% in the 3rd quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company's stock valued at $4,564,000 after purchasing an additional 155,419 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Avid Bioservices by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 513,576 shares of the biopharmaceutical company's stock valued at $5,844,000 after buying an additional 8,324 shares in the last quarter. Intech Investment Management LLC acquired a new position in Avid Bioservices during the third quarter valued at $244,000. Phocas Financial Corp. purchased a new stake in Avid Bioservices in the 3rd quarter worth about $2,107,000. Finally, Quest Partners LLC acquired a new stake in Avid Bioservices during the 3rd quarter worth about $38,000. Institutional investors own 97.16% of the company's stock.
Avid Bioservices Price Performance
Shares of NASDAQ CDMO remained flat at $12.36 during trading hours on Wednesday. 128,798 shares of the company traded hands, compared to its average volume of 1,318,199. Avid Bioservices, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $12.48. The business's 50 day moving average is $11.42 and its 200 day moving average is $10.18. The company has a quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The stock has a market cap of $790.58 million, a price-to-earnings ratio of -5.17 and a beta of 1.44.
Wall Street Analysts Forecast Growth
CDMO has been the topic of a number of research reports. Craig Hallum lowered shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. Royal Bank of Canada reissued a "sector perform" rating and set a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens downgraded Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. StockNews.com raised shares of Avid Bioservices to a "sell" rating in a research report on Tuesday, September 10th. Finally, William Blair restated a "market perform" rating on shares of Avid Bioservices 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. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $12.25.
Read Our Latest Analysis on CDMO
Insiders Place Their Bets
In other news, CEO Nicholas Stewart Green sold 17,173 shares of the firm'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 sale, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. This trade represents a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 19,323 shares of company stock valued at $194,208 in the last quarter. Insiders own 3.05% of the company's stock.
Avid Bioservices Profile
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Free Report)
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.
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