Parkman Healthcare Partners LLC raised its position in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 15.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 719,965 shares of the biopharmaceutical company's stock after purchasing an additional 98,874 shares during the quarter. Parkman Healthcare Partners LLC owned 1.13% of Avid Bioservices worth $8,193,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in CDMO. Quest Partners LLC bought a new position in shares of Avid Bioservices during the third quarter worth about $38,000. Meeder Asset Management Inc. bought a new position in Avid Bioservices during the second quarter worth $38,000. Point72 DIFC Ltd bought a new position in shares of Avid Bioservices in the 2nd quarter worth about $57,000. Principal Financial Group Inc. bought a new position in shares of Avid Bioservices in the 2nd quarter worth about $80,000. Finally, TradeLink Capital LLC bought a new position in shares of Avid Bioservices in the 2nd quarter worth about $92,000. 97.16% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on CDMO. Stephens reiterated an "overweight" rating and issued a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com upgraded shares of Avid Bioservices to a "sell" rating in a research note on Tuesday, September 10th. Craig Hallum downgraded shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Avid Bioservices presently has a consensus rating of "Hold" and an average price target of $13.63.
View Our Latest Stock Analysis on CDMO
Avid Bioservices Price Performance
Shares of NASDAQ:CDMO traded down $0.02 during mid-day trading on Wednesday, reaching $12.30. The company had a trading volume of 1,531,329 shares, compared to its average volume of 1,336,835. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $12.48. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The company's 50-day moving average price is $11.13 and its 200-day moving average price is $9.92.
Avid Bioservices (NASDAQ:CDMO - Get Free Report) last announced its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The company had revenue of $40.17 million during the quarter, compared to analysts' expectations of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. As a group, sell-side analysts expect that Avid Bioservices, Inc. will post -0.38 earnings per share for the current year.
Insider Activity at Avid Bioservices
In related news, CEO Nicholas Stewart Green sold 17,173 shares of the company'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 completion of the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. The trade was a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 19,323 shares of company stock valued at $194,208. Corporate insiders own 3.05% of the company's stock.
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.
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