Zions Bancorporation N.A. Sells 2,314 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Zions Bancorporation N.A. lowered its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 2.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 84,228 shares of the biopharmaceutical company’s stock after selling 2,314 shares during the quarter. Zions Bancorporation N.A. owned approximately 0.13% of Avid Bioservices worth $601,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TradeLink Capital LLC bought a new stake in shares of Avid Bioservices in the 2nd quarter valued at $92,000. Meeder Asset Management Inc. bought a new position in shares of Avid Bioservices during the 2nd quarter worth approximately $38,000. American Century Companies Inc. boosted its holdings in shares of Avid Bioservices by 5,631.6% during the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after acquiring an additional 713,523 shares during the period. Rice Hall James & Associates LLC boosted its holdings in Avid Bioservices by 45.8% in the 2nd quarter. Rice Hall James & Associates LLC now owns 570,089 shares of the biopharmaceutical company’s stock valued at $4,070,000 after purchasing an additional 178,992 shares during the period. Finally, Rhumbline Advisers grew its holdings in shares of Avid Bioservices by 6.1% during the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock worth $676,000 after purchasing an additional 5,408 shares in the last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $11.16 on Friday. The company has a current ratio of 1.46, a quick ratio of 0.31 and a debt-to-equity ratio of 2.74. The stock has a market cap of $711.90 million, a price-to-earnings ratio of -5.05 and a beta of 1.37. The company has a 50-day moving average price of $9.97 and a 200-day moving average price of $8.35. Avid Bioservices, Inc. has a 12 month low of $4.07 and a 12 month high of $11.57.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). The firm had revenue of $42.98 million for the quarter, compared to the consensus estimate of $42.60 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Equities analysts predict that Avid Bioservices, Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total transaction of $57,733.78. Following the sale, the chief executive officer now owns 212,314 shares in the company, valued at approximately $1,600,847.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 9,216 shares of company stock worth $69,984 in the last three months. 2.39% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CDMO has been the topic of a number of research reports. Stephens restated an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research report on Tuesday. Finally, Royal Bank of Canada lifted their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Avid Bioservices presently has an average rating of “Moderate Buy” and a consensus target price of $13.50.

About Avid Bioservices

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.