1,448,916 Shares in Avid Bioservices, Inc. (NASDAQ:CDMO) Acquired by Emerald Advisers LLC

Emerald Advisers LLC purchased a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,448,916 shares of the biopharmaceutical company’s stock, valued at approximately $16,489,000. Emerald Advisers LLC owned about 2.28% of Avid Bioservices as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its position in Avid Bioservices by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock worth $293,000 after acquiring an additional 2,900 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Avid Bioservices by 50.8% in the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock valued at $2,081,000 after buying an additional 104,573 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Avid Bioservices by 104.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock valued at $412,000 after buying an additional 31,450 shares during the period. GSA Capital Partners LLP lifted its holdings in shares of Avid Bioservices by 394.8% in the 1st quarter. GSA Capital Partners LLP now owns 92,695 shares of the biopharmaceutical company’s stock valued at $621,000 after buying an additional 73,962 shares during the period. Finally, 12 West Capital Management LP acquired a new stake in shares of Avid Bioservices in the 1st quarter valued at approximately $18,425,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CDMO shares. Royal Bank of Canada lifted their price objective on Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, Stephens reaffirmed an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Avid Bioservices Price Performance

Avid Bioservices stock traded up $0.31 during mid-day trading on Friday, hitting $10.27. 494,093 shares of the company were exchanged, compared to its average volume of 497,054. 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 business’s 50 day simple moving average is $10.49 and its two-hundred day simple moving average is $9.27. The company has a market capitalization of $655.12 million, a P/E ratio of -4.52 and a beta of 1.40. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. The company had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. Analysts forecast that Avid Bioservices, Inc. will post -0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was 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 of the company’s stock, valued at approximately $2,277,862.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 19,323 shares of company stock valued at $194,208. Corporate insiders own 3.05% of the company’s stock.

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.