Tokio Marine Asset Management Co. Ltd. Makes New $7.32 Million Investment in Avid Bioservices, Inc. (NASDAQ:CDMO)

Tokio Marine Asset Management Co. Ltd. acquired a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 592,700 shares of the biopharmaceutical company's stock, valued at approximately $7,320,000. Tokio Marine Asset Management Co. Ltd. owned 0.93% of Avid Bioservices as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CDMO. Janney Montgomery Scott LLC increased its stake in Avid Bioservices by 2.4% in the third quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company's stock valued at $878,000 after purchasing an additional 1,800 shares in the last quarter. Quest Partners LLC bought a new stake in Avid Bioservices during the third quarter worth $38,000. R Squared Ltd bought a new position in Avid Bioservices during the 4th quarter valued at $42,000. Glenmede Trust Co. NA boosted its holdings in Avid Bioservices by 37.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company's stock worth $199,000 after acquiring an additional 4,812 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its stake in shares of Avid Bioservices by 0.8% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 771,700 shares of the biopharmaceutical company's stock worth $8,782,000 after acquiring an additional 6,200 shares in the last quarter. Institutional investors own 97.16% of the company's stock.

Avid Bioservices Stock Performance

CDMO traded up $0.02 during mid-day trading on Wednesday, reaching $12.50. 3,067,678 shares of the company traded hands, compared to its average volume of 1,247,358. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The stock has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. Avid Bioservices, Inc. has a 52-week low of $5.90 and a 52-week high of $12.51. The company's fifty day moving average price is $12.36 and its 200-day moving average price is $11.32.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last issued its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share 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%. On average, sell-side analysts expect that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Insider Buying and Selling

In other news, CFO Daniel R. Hart sold 22,813 shares of the company's stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the transaction, the chief financial officer now owns 110,980 shares in the company, valued at $1,356,175.60. This represents a 17.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Richard A. Richieri sold 2,283 shares of the company's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $12.37, for a total value of $28,240.71. Following the completion of the sale, the insider now owns 49,535 shares in the company, valued at approximately $612,747.95. This represents a 4.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 349,850 shares of company stock worth $4,288,259 over the last three months. 3.05% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Stephens downgraded Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Craig Hallum downgraded Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $12.25.

Avid Bioservices 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.