Lord Abbett & CO. LLC bought a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 544,300 shares of the biopharmaceutical company's stock, valued at approximately $6,194,000. Lord Abbett & CO. LLC owned about 0.85% of Avid Bioservices at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its position in Avid Bioservices by 2.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company's stock worth $878,000 after purchasing an additional 1,800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew 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 in the last quarter. Quest Partners LLC bought a new stake in shares of Avid Bioservices in the third quarter worth $38,000. Glenmede Trust Co. NA raised its holdings in Avid Bioservices by 37.9% in 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 in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in Avid Bioservices during the 2nd quarter valued at $38,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Avid Bioservices
In other news, CEO Nicholas Stewart Green sold 17,173 shares of the firm's stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now directly owns 226,653 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 19,323 shares of company stock valued at $194,208 in the last ninety days. Company insiders own 3.05% of the company's stock.
Analyst Ratings Changes
CDMO has been the topic of several research analyst reports. StockNews.com raised shares of Avid Bioservices to a "sell" rating in a research report on Tuesday, September 10th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $12.50 price target (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 reiterated a "market perform" rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, Stephens lowered shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, Avid Bioservices currently has a consensus rating of "Hold" and an average price target of $12.25.
Check Out Our Latest Research Report on CDMO
Avid Bioservices Stock Performance
Shares of CDMO remained flat at $12.36 during midday trading on Tuesday. 713,401 shares of the stock traded hands, compared to its average volume of 1,323,165. The company's fifty day simple moving average is $11.38 and its 200 day simple moving average is $10.15. The company has a market capitalization of $790.58 million, a price-to-earnings ratio of -5.17 and a beta of 1.44. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. Avid Bioservices, Inc. has a 52 week low of $5.65 and a 52 week high of $12.48.
About Avid Bioservices
(
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.
Featured Articles
Before you consider Avid Bioservices, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Avid Bioservices wasn't on the list.
While Avid Bioservices currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link below and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.