Wellington Management Group LLP Acquires 315,600 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Wellington Management Group LLP raised its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 27.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,478,842 shares of the biopharmaceutical company’s stock after acquiring an additional 315,600 shares during the quarter. Wellington Management Group LLP’s holdings in Avid Bioservices were worth $9,612,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Avid Bioservices by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 491,006 shares of the biopharmaceutical company’s stock worth $4,635,000 after acquiring an additional 12,553 shares in the last quarter. AWM Investment Company Inc. increased its position in shares of Avid Bioservices by 1.7% during the third quarter. AWM Investment Company Inc. now owns 999,926 shares of the biopharmaceutical company’s stock worth $9,439,000 after purchasing an additional 17,100 shares in the last quarter. Kerrisdale Advisers LLC purchased a new stake in shares of Avid Bioservices during the 3rd quarter valued at $463,000. Vanguard Group Inc. boosted its position in shares of Avid Bioservices by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock worth $41,791,000 after purchasing an additional 13,190 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Avid Bioservices during the 4th quarter worth $370,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 11,762 shares of Avid Bioservices stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total transaction of $87,038.80. Following the completion of the sale, the chief executive officer now directly owns 203,606 shares in the company, valued at approximately $1,506,684.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 17,236 shares of company stock worth $127,546. 2.39% of the stock is owned by company insiders.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $7.01 on Friday. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $7.94 and a 200-day simple moving average of $7.15. Avid Bioservices, Inc. has a 12 month low of $4.07 and a 12 month high of $14.33. The company has a market capitalization of $444.99 million, a P/E ratio of -25.96 and a beta of 1.50.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The firm had revenue of $33.82 million for the quarter, compared to analysts’ expectations of $33.80 million. Avid Bioservices had a negative net margin of 13.10% and a negative return on equity of 8.78%. On average, equities research analysts anticipate that Avid Bioservices, Inc. will post -0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada increased their price target on Avid Bioservices from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.67.

About Avid Bioservices

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.