Wolverine Asset Management LLC Purchases Shares of 84,271 Avid Bioservices, Inc. (NASDAQ:CDMO)

Wolverine Asset Management LLC purchased a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) in the fourth quarter, Holdings Channel.com reports. The firm purchased 84,271 shares of the biopharmaceutical company’s stock, valued at approximately $1,041,000.

A number of other hedge funds have also added to or reduced their stakes in CDMO. Creative Planning boosted its stake in Avid Bioservices by 49.4% during the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock valued at $230,000 after purchasing an additional 6,672 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Avid Bioservices during the 3rd quarter valued at about $11,953,000. Janney Montgomery Scott LLC boosted its stake in Avid Bioservices by 2.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock valued at $878,000 after purchasing an additional 1,800 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Avid Bioservices by 171.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock worth $12,661,000 after buying an additional 702,553 shares during the last quarter. Finally, Emerald Advisers LLC purchased a new position in shares of Avid Bioservices in the 3rd quarter worth approximately $16,489,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $12.50 on Friday. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 0.92. The business has a fifty day simple moving average of $12.41 and a two-hundred day simple moving average of $11.51. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.51. The company has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39.

Avid Bioservices (NASDAQ:CDMO) last announced 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%. On average, analysts expect that Avid Bioservices, Inc. will post -0.46 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Activity at Avid Bioservices

In related news, CFO Daniel R. Hart sold 22,813 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $278,774.86. Following the sale, the chief financial officer now directly owns 110,980 shares in the company, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Richard A. Richieri sold 2,283 shares of the business’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 completion of the sale, the insider now owns 49,535 shares in the company, valued at $612,747.95. This represents a 4.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 349,850 shares of company stock worth $4,288,259. Company insiders own 3.05% of the company’s stock.

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.