185,120 Shares in Avid Bioservices, Inc. (NASDAQ:CDMO) Acquired by Phocas Financial Corp.

Phocas Financial Corp. bought a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 185,120 shares of the biopharmaceutical company’s stock, valued at approximately $2,107,000. Phocas Financial Corp. owned about 0.29% of Avid Bioservices at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Emerald Advisers LLC purchased a new position in shares of Avid Bioservices during the third quarter valued at approximately $16,489,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Avid Bioservices during the 3rd quarter valued at $11,953,000. Point72 Asset Management L.P. lifted its holdings in shares of Avid Bioservices by 51.2% during 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 buying an additional 904,733 shares during the period. American Century Companies Inc. boosted its stake in shares of Avid Bioservices by 5,631.6% in the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after buying an additional 713,523 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of Avid Bioservices by 171.3% in the third quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock worth $12,661,000 after acquiring an additional 702,553 shares during the period. Institutional investors own 97.16% of the company’s stock.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now owns 226,653 shares in the company, valued at $2,277,862.65. The trade was a 7.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 19,323 shares of company stock valued at $194,208 in the last three months. 3.05% of the stock is currently owned by corporate insiders.

Avid Bioservices Stock Up 0.2 %

CDMO opened at $12.19 on Wednesday. Avid Bioservices, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $12.48. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. The stock has a market cap of $777.60 million, a price-to-earnings ratio of -5.37 and a beta of 1.40. The firm’s fifty day moving average is $10.91 and its 200 day moving average is $9.64.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. On average, sell-side analysts forecast that Avid Bioservices, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.