Point72 Asset Management L.P. Purchases 1,142,756 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Point72 Asset Management L.P. raised its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 42.8% in the third quarter, according to the company in its most recent filing with the SEC. 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 5.98% of Avid Bioservices worth $43,424,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Millennium Management LLC increased its stake in Avid Bioservices by 15.8% during the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after purchasing an additional 695,512 shares in the last quarter. Vanguard Group Inc. increased its stake in Avid Bioservices by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock valued at $24,557,000 after purchasing an additional 47,315 shares in the last quarter. AltraVue Capital LLC increased its stake in Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after purchasing an additional 239,343 shares in the last quarter. Portolan Capital Management LLC grew its stake in shares of Avid Bioservices by 15.0% in the third quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company’s stock worth $23,830,000 after acquiring an additional 273,212 shares during the period. Finally, Emerald Advisers LLC bought a new stake in shares of Avid Bioservices in the third quarter worth approximately $16,489,000. 97.16% of the stock is currently owned by institutional investors.

Insider Buying and Selling 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 transaction of $172,588.65. Following the completion of the transaction, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 19,323 shares of company stock valued at $194,208 over the last 90 days. 3.05% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on CDMO. 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 reiterated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens reiterated an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $13.63.

Avid Bioservices Trading Down 0.2 %

CDMO opened at $12.30 on Thursday. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The company’s 50 day moving average is $11.16 and its 200 day moving average is $9.93. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48.

Avid Bioservices (NASDAQ:CDMO) last issued 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. 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 for the quarter, compared to the consensus estimate of $39.50 million. As a group, equities analysts expect that Avid Bioservices, Inc. will post -0.38 earnings per share for the current fiscal year.

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.