Lord Abbett & CO. LLC Makes New Investment in Avid Bioservices, Inc. (NASDAQ:CDMO)

Lord Abbett & CO. LLC acquired a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 544,300 shares of the biopharmaceutical company’s stock, valued at approximately $6,194,000.

A number of other large investors have also made changes to their positions in CDMO. Meeder Asset Management Inc. acquired a new position in Avid Bioservices in the 2nd quarter valued at about $38,000. Quest Partners LLC purchased a new stake in shares of Avid Bioservices during the third quarter worth about $38,000. Point72 DIFC Ltd acquired a new position in shares of Avid Bioservices in the second quarter valued at approximately $57,000. Principal Financial Group Inc. purchased a new position in shares of Avid Bioservices during the second quarter valued at approximately $80,000. Finally, TradeLink Capital LLC acquired a new stake in Avid Bioservices during the second quarter worth approximately $92,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insiders Place Their Bets

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

Avid Bioservices Trading Up 0.2 %

Shares of CDMO opened at $12.36 on Tuesday. Avid Bioservices, Inc. has a twelve month low of $5.65 and a twelve month high of $12.48. The firm has a market capitalization of $790.58 million, a P/E ratio of -5.17 and a beta of 1.44. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. The stock’s fifty day simple moving average is $11.38 and its 200 day simple moving average is $10.15.

Analysts Set New Price Targets

Several research analysts have weighed in on CDMO shares. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a 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. StockNews.com raised Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat, Avid Bioservices presently has a consensus rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices 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.