Point72 Asset Management L.P. Buys 904,733 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Point72 Asset Management L.P. grew its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 51.2% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 2,673,050 shares of the biopharmaceutical company’s stock after acquiring an additional 904,733 shares during the quarter. Point72 Asset Management L.P. owned about 4.19% of Avid Bioservices worth $19,086,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. bought a new stake in shares of Avid Bioservices during the 2nd quarter valued at $38,000. Mather Group LLC. bought a new stake in shares of Avid Bioservices during the 1st quarter valued at $46,000. Point72 DIFC Ltd bought a new stake in shares of Avid Bioservices during the 2nd quarter valued at $57,000. Principal Financial Group Inc. bought a new stake in shares of Avid Bioservices during the 2nd quarter valued at $80,000. Finally, TradeLink Capital LLC bought a new stake in shares of Avid Bioservices during the 2nd quarter valued at $92,000. 97.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. Stephens restated an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Royal Bank of Canada upped their price objective on Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.50.

Avid Bioservices Price Performance

Shares of CDMO opened at $11.34 on Monday. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48. The business has a 50-day simple moving average of $10.55 and a two-hundred day simple moving average of $8.65. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. 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 earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. Analysts anticipate that Avid Bioservices, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the sale, the chief executive officer now owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders sold 9,216 shares of company stock valued at $69,984. Company insiders own 2.39% of the company’s stock.

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.