Point72 Asset Management L.P. increased its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 42.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,815,806 shares of the biopharmaceutical company's stock after purchasing an additional 1,142,756 shares during the quarter. Point72 Asset Management L.P. owned approximately 5.98% of Avid Bioservices worth $43,424,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in CDMO. Quest Partners LLC bought a new position in shares of Avid Bioservices in the 3rd quarter valued at about $38,000. Meeder Asset Management Inc. bought a new position in shares of Avid Bioservices in the 2nd quarter valued at about $38,000. Point72 DIFC Ltd bought a new position in shares of Avid Bioservices in the 2nd quarter valued at about $57,000. Principal Financial Group Inc. bought a new position in shares of Avid Bioservices in the 2nd quarter valued at about $80,000. Finally, TradeLink Capital LLC bought a new position in shares of Avid Bioservices in the 2nd quarter valued at about $92,000. Institutional investors and hedge funds own 97.16% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on CDMO shares. Craig Hallum lowered shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. William Blair restated a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. Stephens restated an "overweight" rating and set a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. Royal Bank of Canada restated a "sector perform" rating and set a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, StockNews.com upgraded shares of Avid Bioservices to a "sell" rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $13.63.
Read Our Latest Research Report on CDMO
Insider Activity at Avid Bioservices
In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 226,653 shares of the company's stock, valued at $2,277,862.65. The trade was a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is owned by corporate insiders.
Avid Bioservices Stock Down 0.1 %
Shares of NASDAQ CDMO traded down $0.01 during midday trading on Thursday, reaching $12.29. The company's stock had a trading volume of 721,587 shares, compared to its average volume of 1,334,217. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. Avid Bioservices, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $12.48. The stock has a market capitalization of $783.98 million, a price-to-earnings ratio of -5.41 and a beta of 1.44. The stock has a 50 day simple moving average of $11.18 and a 200-day simple moving average of $9.95.
Avid Bioservices (NASDAQ:CDMO - Get Free Report) last released its 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. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The business had revenue of $40.17 million during the quarter, compared to analysts' expectations of $39.50 million. Equities research analysts predict that Avid Bioservices, Inc. will post -0.38 earnings per share for the current year.
Avid Bioservices Company Profile
(
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.
Further Reading
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
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
