Commonwealth of Pennsylvania Public School Empls Retrmt SYS Buys New Shares in Avid Bioservices, Inc. (NASDAQ:CDMO)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 25,000 shares of the biopharmaceutical company’s stock, valued at approximately $309,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CDMO. Alpine Associates Management Inc. bought a new position in shares of Avid Bioservices during the 4th quarter valued at approximately $24,034,000. Point72 Asset Management L.P. lifted its holdings in Avid Bioservices by 42.8% during the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after purchasing an additional 1,142,756 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Avid Bioservices in the fourth quarter worth approximately $13,796,000. Point72 DIFC Ltd boosted its position in shares of Avid Bioservices by 12,530.9% in the third quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock worth $11,422,000 after purchasing an additional 995,707 shares during the period. Finally, Alberta Investment Management Corp purchased a new stake in shares of Avid Bioservices in the fourth quarter worth $8,028,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, insider Richard A. Richieri sold 2,283 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the completion of the transaction, the insider now owns 49,535 shares of the company’s stock, valued at $612,747.95. This represents a 4.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.05% of the company’s stock.

Avid Bioservices Stock Up 0.1 %

Shares of CDMO opened at $12.50 on Friday. The business’s 50 day moving average is $12.48 and its 200 day moving average is $11.86. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a 12-month low of $6.14 and a 12-month high of $12.51. The company has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39.

Analysts Set New Price Targets

Separately, Stephens cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.25.

Avid Bioservices Company 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.