Sargent Investment Group LLC Sells 37,350 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Sargent Investment Group LLC cut its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 6.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 558,630 shares of the biopharmaceutical company’s stock after selling 37,350 shares during the period. Avid Bioservices accounts for about 1.1% of Sargent Investment Group LLC’s investment portfolio, making the stock its 22nd biggest holding. Sargent Investment Group LLC’s holdings in Avid Bioservices were worth $6,357,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices in the second quarter worth $38,000. Point72 DIFC Ltd bought a new position in shares of Avid Bioservices in the second quarter worth about $57,000. Principal Financial Group Inc. purchased a new stake in shares of Avid Bioservices in the second quarter worth about $80,000. TradeLink Capital LLC purchased a new stake in shares of Avid Bioservices in the second quarter worth about $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after purchasing an additional 3,041 shares during the period. 97.16% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CDMO shares. 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 issued a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, Stephens restated an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Avid Bioservices currently has an average rating of “Hold” and a consensus target price of $13.63.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction on Thursday, October 10th. The stock was 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 of the company’s stock, valued at $2,277,862.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.

Avid Bioservices Stock Up 0.1 %

Shares of NASDAQ:CDMO traded up $0.01 during mid-day trading on Thursday, hitting $12.21. 909,548 shares of the company traded hands, compared to its average volume of 1,277,150. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. Avid Bioservices, Inc. has a 52-week low of $4.07 and a 52-week high of $12.48. The firm’s 50 day simple moving average is $10.72 and its 200 day simple moving average is $9.54. The firm has a market cap of $778.88 million, a P/E ratio of -5.38 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) 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 company had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. On average, equities analysts anticipate that Avid Bioservices, Inc. will post -0.38 EPS for the current year.

Avid Bioservices Company 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.