Westchester Capital Management LLC Purchases Shares of 263,308 Avid Bioservices, Inc. (NASDAQ:CDMO)

Westchester Capital Management LLC acquired a new position in Avid Bioservices, Inc. (NASDAQ:CDMO) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 263,308 shares of the biopharmaceutical company’s stock, valued at approximately $3,252,000. Westchester Capital Management LLC owned approximately 0.41% of Avid Bioservices as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Credit Industriel ET Commercial bought a new position in shares of Avid Bioservices during the 4th quarter valued at about $1,591,000. Cigogne Management SA purchased a new stake in Avid Bioservices in the 4th quarter worth about $2,335,000. Adage Capital Partners GP L.L.C. acquired a new stake in Avid Bioservices during the 4th quarter worth about $4,409,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Avid Bioservices by 10.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,753 shares of the biopharmaceutical company’s stock valued at $454,000 after purchasing an additional 3,427 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in shares of Avid Bioservices in the fourth quarter worth approximately $18,865,000. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Stock Performance

Shares of CDMO opened at $12.50 on Friday. Avid Bioservices, Inc. has a 52 week low of $6.53 and a 52 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 PE ratio of -5.23 and a beta of 1.39. The company’s 50 day moving average price is $12.50 and its 200 day moving average price is $12.08.

About Avid Bioservices

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.