Sargent Investment Group LLC Trims Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Sargent Investment Group LLC reduced its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 32.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 377,694 shares of the biopharmaceutical company’s stock after selling 180,936 shares during the period. Sargent Investment Group LLC’s holdings in Avid Bioservices were worth $4,695,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CDMO. Quest Partners LLC purchased a new stake in Avid Bioservices during the third quarter worth about $38,000. R Squared Ltd purchased a new stake in Avid Bioservices during the fourth quarter worth about $42,000. Glenmede Trust Co. NA increased its stake in Avid Bioservices by 37.9% during the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after purchasing an additional 4,812 shares during the period. Creative Planning grew its position in shares of Avid Bioservices by 49.4% during the third quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock worth $230,000 after buying an additional 6,672 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Avid Bioservices during the third quarter worth about $244,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Avid Bioservices Stock Performance

Avid Bioservices stock opened at $12.49 on Wednesday. Avid Bioservices, Inc. has a 12 month low of $5.90 and a 12 month high of $12.51. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. The business has a 50 day simple moving average of $12.35 and a 200-day simple moving average of $11.29.

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

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 75,000 shares of Avid Bioservices stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the sale, the chief executive officer now owns 151,653 shares in the company, valued at $1,866,848.43. The trade was a 33.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Richard A. Richieri sold 3,843 shares of Avid Bioservices stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the completion of the sale, the insider now owns 44,556 shares of the company’s stock, valued at $544,474.32. This trade represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 349,850 shares of company stock worth $4,288,259. 3.05% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CDMO has been the subject of a number of analyst reports. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, Avid Bioservices presently has a consensus rating of “Hold” and an average target price of $12.25.

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.