Point72 DIFC Ltd Takes $57,000 Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Point72 DIFC Ltd purchased a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 7,946 shares of the biopharmaceutical company’s stock, valued at approximately $57,000.

A number of other institutional investors have also recently added to or reduced their stakes in CDMO. Rafferty Asset Management LLC increased its stake in shares of Avid Bioservices by 96.6% in the 4th quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company’s stock worth $2,478,000 after acquiring an additional 187,280 shares during the last quarter. Stephens Inc. AR boosted its holdings in Avid Bioservices by 62.1% in the 4th quarter. Stephens Inc. AR now owns 253,368 shares of the biopharmaceutical company’s stock valued at $1,647,000 after purchasing an additional 97,037 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Avid Bioservices by 27.1% in the 4th 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. Mather Group LLC. purchased a new stake in shares of Avid Bioservices during the 1st quarter valued at approximately $46,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Avid Bioservices by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock valued at $293,000 after buying an additional 2,900 shares during the period. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CDMO shares. Royal Bank of Canada raised their target price on Avid Bioservices from $8.00 to $12.00 and gave the stock 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 report on Tuesday, September 10th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Stephens reiterated an “overweight” rating and set a $12.00 price target 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 company’s stock. Based on data from MarketBeat.com, Avid Bioservices currently has an average rating of “Moderate Buy” and an average price target of $13.50.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total transaction of $57,733.78. Following the sale, the chief executive officer now directly owns 212,314 shares in the company, valued at approximately $1,600,847.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last quarter, insiders sold 9,216 shares of company stock worth $69,984. Corporate insiders own 2.39% of the company’s stock.

Avid Bioservices Price Performance

CDMO opened at $10.74 on Thursday. The stock’s 50-day moving average price is $10.65 and its 200 day moving average price is $8.73. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48. The firm has a market cap of $685.10 million, a price-to-earnings ratio of -4.86 and a beta of 1.37. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (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 for the quarter, compared to analyst estimates of $42.60 million. As a group, sell-side analysts expect that Avid Bioservices, Inc. will post -0.34 earnings per share for the current year.

Avid Bioservices 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.