Meeder Asset Management Inc. Invests $38,000 in Avid Bioservices, Inc. (NASDAQ:CDMO)

Meeder Asset Management Inc. purchased a new position in Avid Bioservices, Inc. (NASDAQ:CDMO) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,315 shares of the biopharmaceutical company’s stock, valued at approximately $38,000.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Avid Bioservices by 1.3% in the first quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock worth $24,557,000 after acquiring an additional 47,315 shares during the period. 12 West Capital Management LP bought a new stake in Avid Bioservices during the first quarter valued at approximately $18,425,000. Wellington Management Group LLP grew its position in Avid Bioservices by 27.1% during the fourth quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock valued at $9,612,000 after buying an additional 315,600 shares during the period. American Century Companies Inc. grew its position in Avid Bioservices by 5,631.6% during the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after buying an additional 713,523 shares during the period. Finally, Kennedy Capital Management LLC grew its position in Avid Bioservices by 74.6% during the first quarter. Kennedy Capital Management LLC now owns 597,089 shares of the biopharmaceutical company’s stock valued at $4,000,000 after buying an additional 255,201 shares during the period. 97.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CDMO has been the subject of several recent research reports. Royal Bank of Canada boosted their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Stephens restated an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Avid Bioservices Stock Performance

CDMO opened at $11.16 on Monday. The firm has a market cap of $711.90 million, a P/E ratio of -5.05 and a beta of 1.37. Avid Bioservices, Inc. has a 1-year low of $4.07 and a 1-year high of $11.57. The company has a 50 day simple moving average of $9.97 and a two-hundred day simple moving average of $8.36. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 0.31.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.10). Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The company had revenue of $42.98 million during the quarter, compared to analysts’ expectations of $42.60 million. Equities analysts forecast that Avid Bioservices, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total value of $57,733.78. Following the transaction, the chief executive officer now owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 9,216 shares of company stock valued at $69,984. 2.39% of the stock is currently owned by corporate insiders.

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.