3,362 Shares in Avid Bioservices, Inc. (NASDAQ:CDMO) Purchased by Quest Partners LLC

Quest Partners LLC acquired a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the third quarter, Holdings Channel reports. The firm acquired 3,362 shares of the biopharmaceutical company’s stock, valued at approximately $38,000.

Several other large investors also recently modified their holdings of the stock. Meeder Asset Management Inc. bought a new position in shares of Avid Bioservices during the second quarter valued at $38,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices during the 2nd quarter worth about $57,000. Principal Financial Group Inc. bought a new position in Avid Bioservices during the 2nd quarter valued at about $80,000. TradeLink Capital LLC acquired a new position in Avid Bioservices in the second quarter valued at about $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after buying an additional 3,041 shares during the last quarter. 97.16% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. The trade was a 7.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 19,323 shares of company stock valued at $194,208 over the last ninety days. Insiders own 3.05% of the company’s stock.

Avid Bioservices Trading Down 0.6 %

CDMO stock opened at $12.28 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.46 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 $783.40 million, a P/E ratio of -5.41 and a beta of 1.40. The business has a fifty day moving average of $11.09 and a 200-day moving average of $9.87.

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, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. As a group, equities research analysts expect that Avid Bioservices, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CDMO. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens reiterated an “overweight” rating and issued 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 report on Tuesday, September 10th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $13.63.

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.