R Squared Ltd Buys Shares of 3,380 Avid Bioservices, Inc. (NASDAQ:CDMO)

R Squared Ltd acquired a new position in Avid Bioservices, Inc. (NASDAQ:CDMO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,380 shares of the biopharmaceutical company’s stock, valued at approximately $42,000.

Other hedge funds have also recently made changes to their positions in the company. Quest Partners LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter worth approximately $38,000. Glenmede Trust Co. NA lifted its holdings in shares of Avid Bioservices by 37.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after acquiring an additional 4,812 shares during the last quarter. Creative Planning lifted its holdings in shares of Avid Bioservices by 49.4% in the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock worth $230,000 after acquiring an additional 6,672 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter worth approximately $244,000. Finally, SG Americas Securities LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter worth approximately $282,000. 97.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, Avid Bioservices has an average rating of “Hold” and a consensus target price of $12.25.

Insider Transactions at Avid Bioservices

In other news, insider Richard A. Richieri sold 2,283 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $12.37, for a total value of $28,240.71. Following the sale, the insider now directly 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas Stewart Green sold 145,911 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $1,783,032.42. Following the completion of the sale, the chief executive officer now directly owns 157,620 shares in the company, valued at $1,926,116.40. This represents a 48.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 349,850 shares of company stock valued at $4,288,259 in the last three months. 3.05% of the stock is currently owned by company insiders.

Avid Bioservices Stock Up 0.2 %

Shares of Avid Bioservices stock opened at $12.48 on Monday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The company’s fifty day simple moving average is $12.35 and its two-hundred day simple moving average is $11.26. The company has a market cap of $798.26 million, a P/E ratio of -5.22 and a beta of 1.40. Avid Bioservices, Inc. has a 12-month low of $5.90 and a 12-month high of $12.50.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. Research analysts anticipate that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

About Avid Bioservices

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.