Janney Montgomery Scott LLC Acquires 1,800 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Janney Montgomery Scott LLC increased its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 2.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 77,145 shares of the biopharmaceutical company’s stock after purchasing an additional 1,800 shares during the period. Janney Montgomery Scott LLC’s holdings in Avid Bioservices were worth $878,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Emerald Mutual Fund Advisers Trust purchased a new stake in Avid Bioservices during the third quarter worth $11,953,000. Creative Planning lifted its stake in shares of Avid Bioservices by 49.4% during the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock worth $230,000 after purchasing an additional 6,672 shares during the last quarter. SG Americas Securities LLC bought a new stake in Avid Bioservices during the third quarter valued at about $282,000. Point72 DIFC Ltd purchased a new position in Avid Bioservices in the second quarter valued at about $57,000. Finally, Cubist Systematic Strategies LLC grew its stake in Avid Bioservices by 112.5% in the second quarter. Cubist Systematic Strategies LLC now owns 341,311 shares of the biopharmaceutical company’s stock valued at $2,437,000 after purchasing an additional 180,692 shares during the last quarter. 97.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDMO has been the subject of several analyst reports. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Stephens restated an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $13.63.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now owns 226,653 shares in the company, valued at $2,277,862.65. This represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 19,323 shares of company stock worth $194,208 over the last three months. 3.05% of the stock is currently owned by insiders.

Avid Bioservices Stock Up 1.8 %

NASDAQ:CDMO opened at $12.14 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. Avid Bioservices, Inc. has a twelve month low of $4.07 and a twelve month high of $12.48. The company has a market cap of $774.41 million, a PE ratio of -5.35 and a beta of 1.40. The company’s 50 day moving average is $10.85 and its two-hundred day moving average is $9.59.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $40.17 million for the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Analysts anticipate that Avid Bioservices, Inc. will post -0.38 EPS for the current 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.