1,117,104 Shares in Avid Bioservices, Inc. (NASDAQ:CDMO) Acquired by Jennison Associates LLC

Jennison Associates LLC bought a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,117,104 shares of the biopharmaceutical company's stock, valued at approximately $13,796,000. Jennison Associates LLC owned about 1.75% of Avid Bioservices at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CDMO. Quest Partners LLC acquired a new position in shares of Avid Bioservices in the third quarter valued at approximately $38,000. R Squared Ltd acquired a new position in Avid Bioservices in the 4th quarter valued at approximately $42,000. Glenmede Trust Co. NA raised its stake in shares of Avid Bioservices by 37.9% during the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company's stock valued at $199,000 after acquiring an additional 4,812 shares during the last quarter. Creative Planning raised its stake in shares of Avid Bioservices by 49.4% during the third quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company's stock valued at $230,000 after acquiring an additional 6,672 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Avid Bioservices during the third quarter worth $244,000. 97.16% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Avid Bioservices

In other news, insider Richard A. Richieri sold 2,283 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the transaction, the insider now owns 49,535 shares of the company's stock, valued at $612,747.95. This represents a 4.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Nicholas Stewart Green sold 75,000 shares of the business's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the sale, the chief executive officer now directly owns 151,653 shares of the company's stock, valued at $1,866,848.43. The trade was a 33.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 349,850 shares of company stock valued at $4,288,259 in the last quarter. 3.05% of the stock is currently owned by company insiders.

Avid Bioservices Trading Up 0.1 %

CDMO traded up $0.02 during trading on Friday, reaching $12.50. 3,067,700 shares of the stock traded hands, compared to its average volume of 1,247,358. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The stock's 50-day moving average is $12.37 and its 200 day moving average is $11.37. Avid Bioservices, Inc. has a 12 month low of $5.90 and a 12 month high of $12.51. The stock has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last announced its quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. Equities analysts anticipate that Avid Bioservices, Inc. will post -0.46 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CDMO. Royal Bank of Canada restated a "sector perform" rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum cut Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, Stephens downgraded shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, Avid Bioservices presently has a consensus rating of "Hold" and a consensus target price of $12.25.

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.