Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by XTX Topco Ltd

XTX Topco Ltd lowered its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 13.2% in the second quarter, Holdings Channel reports. The firm owned 17,196 shares of the biopharmaceutical company’s stock after selling 2,626 shares during the quarter. XTX Topco Ltd’s holdings in Avid Bioservices were worth $123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of CDMO. AltraVue Capital LLC grew its stake in shares of Avid Bioservices by 7.6% in the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after purchasing an additional 239,343 shares during the last quarter. TradeLink Capital LLC acquired a new stake in shares of Avid Bioservices in the 2nd quarter worth $92,000. Meeder Asset Management Inc. purchased a new stake in shares of Avid Bioservices in the second quarter valued at about $38,000. American Century Companies Inc. lifted its position in Avid Bioservices by 5,631.6% in the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after purchasing an additional 713,523 shares during the period. Finally, Rice Hall James & Associates LLC boosted its holdings in Avid Bioservices by 45.8% in the 2nd quarter. Rice Hall James & Associates LLC now owns 570,089 shares of the biopharmaceutical company’s stock valued at $4,070,000 after purchasing an additional 178,992 shares in the last quarter. 97.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total transaction of $57,733.78. Following the completion of the transaction, the chief executive officer now directly owns 212,314 shares in the company, valued at approximately $1,600,847.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 9,216 shares of company stock valued at $69,984 over the last quarter. Corporate insiders own 2.39% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CDMO. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Royal Bank of Canada boosted their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, Stephens reissued an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.50.

Avid Bioservices Stock Down 3.4 %

CDMO opened at $10.99 on Wednesday. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. The company has a market cap of $701.05 million, a price-to-earnings ratio of -4.96 and a beta of 1.37. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $12.48. The business’s fifty day moving average is $10.59 and its two-hundred day moving average is $8.68.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data 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 analysts’ expectations of $42.60 million. Analysts anticipate that Avid Bioservices, Inc. will post -0.34 EPS for the current fiscal year.

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.