1,448,916 Shares in Avid Bioservices, Inc. (NASDAQ:CDMO) Bought by Emerald Advisers LLC

Emerald Advisers LLC bought a new position in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,448,916 shares of the biopharmaceutical company's stock, valued at approximately $16,489,000. Emerald Advisers LLC owned about 2.28% of Avid Bioservices as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. Millennium Management LLC boosted its position in shares of Avid Bioservices by 15.8% in the second quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company's stock worth $36,411,000 after acquiring an additional 695,512 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Avid Bioservices by 1.3% in the first quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company's stock worth $24,557,000 after acquiring an additional 47,315 shares during the last quarter. AltraVue Capital LLC boosted its position in shares of Avid Bioservices by 7.6% in the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company's stock worth $24,242,000 after acquiring an additional 239,343 shares during the last quarter. 12 West Capital Management LP acquired a new stake in shares of Avid Bioservices in the first quarter worth approximately $18,425,000. Finally, Point72 Asset Management L.P. boosted its position in shares of Avid Bioservices by 51.2% in the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company's stock worth $19,086,000 after acquiring an additional 904,733 shares during the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

Avid Bioservices Stock Up 3.1 %

Shares of CDMO traded up $0.31 during mid-day trading on Friday, reaching $10.27. 494,093 shares of the stock traded hands, compared to its average volume of 497,054. The firm has a market cap of $655.12 million, a price-to-earnings ratio of -4.52 and a beta of 1.40. The stock has a fifty day simple moving average of $10.49 and a 200 day simple moving average of $9.29. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48. 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 (NASDAQ:CDMO - Get Free Report) last posted its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. The company had revenue of $40.17 million for the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Sell-side analysts expect that Avid Bioservices, Inc. will post -0.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CDMO shares. Royal Bank of Canada raised their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 10th. Stephens restated an "overweight" rating and issued a $12.00 price target on shares of Avid Bioservices in a report on Tuesday, September 10th. William Blair restated a "market perform" rating on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, StockNews.com upgraded shares of Avid Bioservices to a "sell" rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $13.50.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the sale, the chief executive officer now owns 226,653 shares in the company, valued at $2,277,862.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 19,323 shares of company stock worth $194,208 over the last 90 days. Company insiders own 3.05% of the company's stock.

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.