Great Lakes Advisors LLC Sells 86,814 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Great Lakes Advisors LLC trimmed its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 56.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,195 shares of the biopharmaceutical company’s stock after selling 86,814 shares during the quarter. Great Lakes Advisors LLC owned about 0.11% of Avid Bioservices worth $437,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CDMO. Wellington Management Group LLP increased its stake in shares of Avid Bioservices by 72.9% during the third quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock valued at $10,981,000 after purchasing an additional 490,569 shares in the last quarter. Vanguard Group Inc. increased its position in Avid Bioservices by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock valued at $41,791,000 after buying an additional 13,190 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in Avid Bioservices by 12.4% during the third quarter. Artisan Partners Limited Partnership now owns 1,672,302 shares of the biopharmaceutical company’s stock valued at $15,787,000 after buying an additional 184,930 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Avid Bioservices by 16.6% in the third quarter. New York State Common Retirement Fund now owns 991,083 shares of the biopharmaceutical company’s stock worth $9,356,000 after acquiring an additional 141,173 shares in the last quarter. Finally, Federated Hermes Inc. bought a new stake in Avid Bioservices in the fourth quarter worth $2,090,000. 97.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Royal Bank of Canada lifted their price target on Avid Bioservices from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.50.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 11,762 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total transaction of $87,038.80. Following the completion of the sale, the chief executive officer now owns 203,606 shares of the company’s stock, valued at approximately $1,506,684.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 17,236 shares of company stock worth $127,546. Company insiders own 2.39% of the company’s stock.

Avid Bioservices Stock Up 0.1 %

Shares of Avid Bioservices stock opened at $9.09 on Thursday. Avid Bioservices, Inc. has a twelve month low of $4.07 and a twelve month high of $17.39. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average is $7.40 and its 200 day moving average is $6.72. The company has a market cap of $577.03 million, a price-to-earnings ratio of -33.67 and a beta of 1.55.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The business had revenue of $33.82 million for the quarter, compared to analysts’ expectations of $33.80 million. Avid Bioservices had a negative net margin of 13.10% and a negative return on equity of 8.78%. Research analysts anticipate that Avid Bioservices, Inc. will post -0.23 EPS for the current year.

Avid Bioservices Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.