Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by Profund Advisors LLC

Profund Advisors LLC lessened its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 58.1% in the second quarter, HoldingsChannel.com reports. The firm owned 33,965 shares of the biopharmaceutical company’s stock after selling 47,002 shares during the period. Profund Advisors LLC’s holdings in Avid Bioservices were worth $243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of CDMO. 12 West Capital Management LP acquired a new position in shares of Avid Bioservices during the first quarter valued at $18,425,000. American Century Companies Inc. boosted its holdings in shares of 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 acquiring an additional 713,523 shares during the period. Wellington Management Group LLP boosted its holdings in shares of 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 acquiring an additional 315,600 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Avid Bioservices by 313.7% during the second quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock valued at $2,928,000 after acquiring an additional 310,921 shares during the period. Finally, Kent Lake Capital LLC acquired a new position in shares of Avid Bioservices during the first quarter valued at $1,879,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Price Performance

Shares of Avid Bioservices stock opened at $11.34 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The company’s 50-day moving average price is $10.55 and its two-hundred day moving average price is $8.62. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48. The stock has a market cap of $723.38 million, a PE ratio of -5.13 and a beta of 1.37.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly 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 business had revenue of $42.98 million during the quarter, compared to the consensus estimate of $42.60 million. As a group, sell-side analysts anticipate that Avid Bioservices, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total transaction of $57,733.78. Following the sale, the chief executive officer now owns 212,314 shares in the company, valued at approximately $1,600,847.56. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders have sold 9,216 shares of company stock worth $69,984. 2.39% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Stephens restated an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research note on Tuesday, September 10th. Royal Bank of Canada lifted their price objective on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. Finally, StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Avid Bioservices has a consensus rating of “Moderate Buy” and an average target price of $13.50.

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.