Avid Bioservices, Inc. (NASDAQ:CDMO) Position Reduced by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. lowered its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 35.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 43,525 shares of the biopharmaceutical company’s stock after selling 24,017 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Avid Bioservices were worth $495,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Emerald Advisers LLC bought a new stake in Avid Bioservices in the third quarter valued at about $16,489,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Avid Bioservices in the 3rd quarter valued at approximately $11,953,000. Point72 Asset Management L.P. increased its holdings in shares of Avid Bioservices by 51.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after acquiring an additional 904,733 shares during the last quarter. American Century Companies Inc. raised its position in shares of Avid Bioservices by 5,631.6% during the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after acquiring an additional 713,523 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in Avid Bioservices by 171.3% during the third quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock worth $12,661,000 after purchasing an additional 702,553 shares during the last quarter. Institutional investors own 97.16% of the company’s stock.

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. The trade was a 7.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 19,323 shares of company stock worth $194,208. 3.05% of the stock is owned by company insiders.

Analyst Ratings Changes

CDMO has been the topic of a number of research reports. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Stephens reaffirmed an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $13.63.

Avid Bioservices Stock Up 0.3 %

Avid Bioservices stock opened at $12.32 on Tuesday. The firm has a 50-day moving average price of $11.11 and a two-hundred day moving average price of $9.90. Avid Bioservices, Inc. has a 52-week low of $4.07 and a 52-week high of $12.48. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The business had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. As a group, equities analysts predict that Avid Bioservices, Inc. will post -0.38 earnings per share for the current fiscal year.

Avid Bioservices 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.