Renaissance Technologies LLC Buys 65,025 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Renaissance Technologies LLC raised its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 242.1% during the 1st quarter, Holdings Channel.com reports. The fund owned 91,884 shares of the biopharmaceutical company’s stock after purchasing an additional 65,025 shares during the quarter. Renaissance Technologies LLC’s holdings in Avid Bioservices were worth $1,675,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Wells Fargo & Company MN lifted its stake in Avid Bioservices by 0.7% during the 4th quarter. Wells Fargo & Company MN now owns 141,135 shares of the biopharmaceutical company’s stock valued at $1,628,000 after acquiring an additional 917 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Avid Bioservices by 2.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 63,694 shares of the biopharmaceutical company’s stock worth $1,161,000 after purchasing an additional 1,400 shares during the period. Dorsey Wright & Associates lifted its stake in shares of Avid Bioservices by 134.8% in the 1st quarter. Dorsey Wright & Associates now owns 3,673 shares of the biopharmaceutical company’s stock worth $67,000 after purchasing an additional 2,109 shares during the period. Altshuler Shaham Ltd bought a new position in shares of Avid Bioservices in the 1st quarter worth approximately $41,000. Finally, Strategic Wealth Advisors Group LLC lifted its stake in shares of Avid Bioservices by 10.7% in the 1st quarter. Strategic Wealth Advisors Group LLC now owns 24,900 shares of the biopharmaceutical company’s stock worth $454,000 after purchasing an additional 2,400 shares during the period. Institutional investors and hedge funds own 76.84% of the company’s stock.

NASDAQ CDMO opened at $26.09 on Thursday. Avid Bioservices, Inc. has a 12 month low of $6.49 and a 12 month high of $27.02. The company has a market cap of $1.59 billion, a PE ratio of 652.41 and a beta of 2.21. The business’s 50 day moving average price is $23.45. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.76 and a current ratio of 2.93.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, June 28th. The biopharmaceutical company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.05). Avid Bioservices had a return on equity of 17.31% and a net margin of 11.69%. The firm had revenue of $27.61 million for the quarter, compared to the consensus estimate of $20.70 million. Sell-side analysts predict that Avid Bioservices, Inc. will post 0.19 earnings per share for the current fiscal year.

In other Avid Bioservices news, General Counsel Mark R. Ziebell sold 7,207 shares of the stock in a transaction that occurred on Monday, July 12th. The shares were sold at an average price of $25.61, for a total transaction of $184,571.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel R. Hart sold 5,409 shares of the stock in a transaction that occurred on Monday, July 12th. The shares were sold at an average price of $25.61, for a total transaction of $138,524.49. The disclosure for this sale can be found here. 1.72% of the stock is currently owned by company insiders.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Avid Bioservices from a “hold” rating to a “sell” rating in a research note on Wednesday, June 30th. Craig Hallum increased their price objective on shares of Avid Bioservices from $21.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday, June 30th. Royal Bank of Canada increased their price objective on shares of Avid Bioservices from $21.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 30th. Finally, KeyCorp increased their price objective on shares of Avid Bioservices from $22.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 30th. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $26.00.

Avid Bioservices Company Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. It produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, purification, bulk packaging, release and stability testing, and regulatory submission and support.

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Institutional Ownership by Quarter for Avid Bioservices (NASDAQ:CDMO)

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