JPMorgan Chase & Co. Has $1.24 Million Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

JPMorgan Chase & Co. boosted its position in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 283.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 108,684 shares of the biopharmaceutical company's stock after buying an additional 80,308 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.17% of Avid Bioservices worth $1,237,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CDMO. Royce & Associates LP increased its position in shares of Avid Bioservices by 7.8% during the 3rd quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company's stock worth $8,981,000 after purchasing an additional 57,111 shares during the last quarter. Emerald Advisers LLC acquired a new position in shares of Avid Bioservices during the 3rd quarter worth approximately $16,489,000. GSA Capital Partners LLP increased its position in shares of Avid Bioservices by 97.3% during the 3rd quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company's stock worth $1,742,000 after purchasing an additional 75,473 shares during the last quarter. Phocas Financial Corp. acquired a new position in shares of Avid Bioservices during the 3rd quarter worth approximately $2,107,000. Finally, Barclays PLC increased its position in shares of Avid Bioservices by 98.1% during the 3rd quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company's stock worth $1,532,000 after purchasing an additional 66,653 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company's stock.

Avid Bioservices Stock Performance

Shares of NASDAQ CDMO traded down $0.03 during midday trading on Friday, hitting $12.42. 640,373 shares of the company's stock were exchanged, compared to its average volume of 1,212,977. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a 12 month low of $5.90 and a 12 month high of $12.48. The company's 50 day moving average price is $12.33 and its 200 day moving average price is $11.09. The firm has a market capitalization of $794.38 million, a PE ratio of -5.20 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last released its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. As a group, analysts predict that Avid Bioservices, Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 75,000 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $12.31, for a total transaction of $923,250.00. Following the completion of the sale, the chief executive officer now directly owns 151,653 shares in the company, valued at approximately $1,866,848.43. This represents a 33.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Richard A. Richieri sold 3,843 shares of the company's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the sale, the insider now owns 44,556 shares of the company's stock, valued at approximately $544,474.32. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 349,850 shares of company stock worth $4,288,259 in the last ninety days. 3.05% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CDMO has been the topic of several recent analyst reports. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Royal Bank of Canada reaffirmed 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. Stephens downgraded Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. Finally, Craig Hallum downgraded Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price 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.