Janney Montgomery Scott LLC Sells 9,650 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Janney Montgomery Scott LLC cut its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMOGet Rating) by 27.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,795 shares of the biopharmaceutical company’s stock after selling 9,650 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Avid Bioservices were worth $493,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp grew its holdings in Avid Bioservices by 18.2% during the 1st quarter. State Street Corp now owns 4,403,082 shares of the biopharmaceutical company’s stock worth $89,691,000 after acquiring an additional 677,944 shares during the last quarter. Jennison Associates LLC grew its holdings in Avid Bioservices by 48.4% during the 2nd quarter. Jennison Associates LLC now owns 1,871,569 shares of the biopharmaceutical company’s stock worth $28,560,000 after acquiring an additional 610,382 shares during the last quarter. AltraVue Capital LLC grew its holdings in Avid Bioservices by 21.4% during the 2nd quarter. AltraVue Capital LLC now owns 2,735,240 shares of the biopharmaceutical company’s stock worth $41,739,000 after acquiring an additional 481,874 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Avid Bioservices during the 2nd quarter worth approximately $4,499,000. Finally, Wellington Management Group LLP bought a new stake in Avid Bioservices during the 1st quarter worth approximately $4,634,000. 98.95% of the stock is owned by institutional investors.

Avid Bioservices Stock Up 1.4 %

Avid Bioservices stock opened at $16.45 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.77 and a debt-to-equity ratio of 0.78. Avid Bioservices, Inc. has a 12-month low of $11.30 and a 12-month high of $22.83. The firm’s fifty day moving average is $14.56 and its 200 day moving average is $16.59. The company has a market capitalization of $1.02 billion, a PE ratio of 9.73 and a beta of 1.77.

Avid Bioservices (NASDAQ:CDMOGet Rating) last released its earnings results on Tuesday, December 6th. The biopharmaceutical company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Avid Bioservices had a net margin of 88.13% and a return on equity of 3.29%. The company had revenue of $34.76 million for the quarter, compared to the consensus estimate of $31.00 million. As a group, sell-side analysts predict that Avid Bioservices, Inc. will post 0.01 EPS for the current fiscal year.

Insider Activity at Avid Bioservices

In related news, Director Richard B. Hancock sold 10,000 shares of the business’s stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $16.11, for a total transaction of $161,100.00. Following the transaction, the director now owns 36,881 shares in the company, valued at approximately $594,152.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Avid Bioservices news, Director Richard B. Hancock sold 10,000 shares of the company’s stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $16.11, for a total transaction of $161,100.00. Following the transaction, the director now owns 36,881 shares in the company, valued at $594,152.91. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard B. Hancock sold 5,000 shares of the company’s stock in a transaction on Thursday, January 12th. The stock was sold at an average price of $16.00, for a total transaction of $80,000.00. Following the transaction, the director now owns 39,134 shares in the company, valued at approximately $626,144. The disclosure for this sale can be found here. Insiders have sold 25,749 shares of company stock worth $396,316 in the last quarter. Company insiders own 1.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research note on Wednesday, December 7th. Stephens reduced their price objective on shares of Avid Bioservices to $22.00 in a research note on Monday, December 12th. Royal Bank of Canada reduced their price objective on shares of Avid Bioservices from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 7th. Finally, Craig Hallum reduced their price objective on shares of Avid Bioservices from $30.00 to $25.00 in a research note on Wednesday, December 7th.

Avid Bioservices Profile

(Get Rating)

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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Institutional Ownership by Quarter for Avid Bioservices (NASDAQ:CDMO)

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