Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Acquired by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC grew its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 112.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 341,311 shares of the biopharmaceutical company’s stock after purchasing an additional 180,692 shares during the quarter. Cubist Systematic Strategies LLC owned 0.54% of Avid Bioservices worth $2,437,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Millennium Management LLC boosted its position in Avid Bioservices by 15.8% in the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after buying an additional 695,512 shares during the period. Vanguard Group Inc. raised 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 valued at $24,557,000 after acquiring an additional 47,315 shares in the last quarter. AltraVue Capital LLC boosted its holdings in Avid Bioservices by 7.6% in the second 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 period. 12 West Capital Management LP acquired a new position in Avid Bioservices during the 1st quarter worth $18,425,000. Finally, Point72 Asset Management L.P. increased its holdings in Avid Bioservices by 51.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock worth $19,086,000 after purchasing an additional 904,733 shares during the period. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 19,734 shares of company stock worth $197,431 in the last quarter. 3.05% of the stock is owned by insiders.

Avid Bioservices Trading Up 1.5 %

Shares of Avid Bioservices stock opened at $10.32 on Friday. The company has a fifty day simple moving average of $10.66 and a 200-day simple moving average of $8.87. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48. 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 stock has a market cap of $658.31 million, a price-to-earnings ratio of -4.55 and a beta of 1.38.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The company had revenue of $40.17 million for the quarter, compared to analyst estimates of $39.50 million. On average, equities analysts forecast that Avid Bioservices, Inc. will post -0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CDMO has been the subject of several recent research reports. Royal Bank of Canada lifted their price objective on Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Stephens reiterated an “overweight” rating and set a $12.00 price target on shares of Avid Bioservices in a report on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. One investment 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. According to data from MarketBeat.com, the stock presently 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.