Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by Rice Hall James & Associates LLC

Rice Hall James & Associates LLC trimmed its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 56.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,494 shares of the biopharmaceutical company’s stock after selling 318,771 shares during the quarter. Rice Hall James & Associates LLC’s holdings in Avid Bioservices were worth $3,044,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CDMO. Rhumbline Advisers lifted its holdings in Avid Bioservices by 3.4% during the 4th quarter. Rhumbline Advisers now owns 94,700 shares of the biopharmaceutical company’s stock worth $1,170,000 after buying an additional 3,121 shares during the last quarter. ABC Arbitrage SA purchased a new stake in Avid Bioservices during the 4th quarter worth about $2,596,000. Entropy Technologies LP purchased a new stake in Avid Bioservices during the 4th quarter worth about $195,000. Jennison Associates LLC purchased a new stake in Avid Bioservices during the 4th quarter worth about $13,796,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new stake in Avid Bioservices during the 4th quarter worth about $7,320,000. 97.16% of the stock is owned by institutional investors and hedge funds.

Avid Bioservices Stock Up 0.1 %

Avid Bioservices stock opened at $12.50 on Wednesday. Avid Bioservices, Inc. has a fifty-two week low of $5.90 and a fifty-two week high of $12.51. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. The company has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. The stock has a 50-day simple moving average of $12.39 and a 200-day simple moving average of $11.47.

Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing the consensus estimate 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%. Equities research analysts expect that Avid Bioservices, Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CFO Daniel R. Hart sold 22,813 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the sale, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at $1,356,175.60. This represents a 17.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas Stewart Green sold 145,911 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $1,783,032.42. Following the sale, the chief executive officer now directly owns 157,620 shares of the company’s stock, valued at approximately $1,926,116.40. This represents a 48.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 349,850 shares of company stock valued at $4,288,259 in the last ninety days. Insiders own 3.05% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CDMO shares. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.25.

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.