Steward Partners Investment Advisory LLC Lowers Stock Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Steward Partners Investment Advisory LLC cut its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating) by 43.0% during the first quarter, HoldingsChannel.com reports. The fund owned 1,378 shares of the biopharmaceutical company’s stock after selling 1,038 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Avid Bioservices were worth $28,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CDMO. State Board of Administration of Florida Retirement System lifted its holdings in Avid Bioservices by 3.8% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 16,034 shares of the biopharmaceutical company’s stock valued at $468,000 after acquiring an additional 592 shares during the period. Advisor Group Holdings Inc. increased its position in Avid Bioservices by 14.0% during the 4th quarter. Advisor Group Holdings Inc. now owns 5,023 shares of the biopharmaceutical company’s stock worth $146,000 after purchasing an additional 615 shares in the last quarter. Covestor Ltd purchased a new stake in Avid Bioservices during the 4th quarter worth about $25,000. Swiss National Bank increased its position in Avid Bioservices by 0.7% during the 4th quarter. Swiss National Bank now owns 135,100 shares of the biopharmaceutical company’s stock worth $3,942,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Comerica Bank increased its position in Avid Bioservices by 2.1% during the 1st quarter. Comerica Bank now owns 52,044 shares of the biopharmaceutical company’s stock worth $948,000 after purchasing an additional 1,070 shares in the last quarter. 99.36% of the stock is currently owned by hedge funds and other institutional investors.

Avid Bioservices Stock Performance

Avid Bioservices stock opened at $19.36 on Friday. The stock’s 50 day moving average price is $16.14 and its 200 day moving average price is $17.28. The firm has a market capitalization of $1.20 billion, a PE ratio of 10.46 and a beta of 2.15. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.03 and a current ratio of 2.38. Avid Bioservices, Inc. has a one year low of $11.30 and a one year high of $34.51.

Avid Bioservices (NASDAQ:CDMO – Get Rating) last released its quarterly earnings results on Wednesday, June 29th. The biopharmaceutical company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.06. The firm had revenue of $31.23 million for the quarter, compared to analyst estimates of $29.20 million. Avid Bioservices had a return on equity of 19.70% and a net margin of 106.75%. As a group, sell-side analysts expect that Avid Bioservices, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada lowered their price target on Avid Bioservices from $32.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, June 30th. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $26.67.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, Director Richard B. Hancock sold 2,463 shares of the company’s stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $16.02, for a total value of $39,457.26. Following the transaction, the director now directly owns 38,936 shares of the company’s stock, valued at approximately $623,754.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Avid Bioservices news, Director Richard B. Hancock sold 2,463 shares of the company’s stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $16.02, for a total value of $39,457.26. Following the transaction, the director now directly owns 38,936 shares of the company’s stock, valued at approximately $623,754.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard B. Hancock sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $16.03, for a total value of $80,150.00. Following the completion of the transaction, the director now directly owns 35,201 shares in the company, valued at $564,272.03. The disclosure for this sale can be found here. Insiders have sold a total of 73,196 shares of company stock valued at $1,304,059 in the last three months. Corporate insiders own 1.49% of the company’s stock.

Avid Bioservices Profile

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Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. The company produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.

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