Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 14.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 139,443 shares of the biopharmaceutical company’s stock after selling 24,323 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Avid Bioservices were worth $1,587,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its holdings in Avid Bioservices by 2.4% in the third quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock worth $878,000 after purchasing an additional 1,800 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after acquiring an additional 3,041 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Avid Bioservices during the third quarter valued at approximately $38,000. Glenmede Trust Co. NA raised its holdings in Avid Bioservices by 37.9% during the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after purchasing an additional 4,812 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in Avid Bioservices in the second quarter worth approximately $38,000. 97.16% of the stock is owned by institutional investors.

Avid Bioservices Price Performance

NASDAQ CDMO opened at $12.36 on Tuesday. Avid Bioservices, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $12.48. The stock’s 50-day moving average is $11.38 and its two-hundred day moving average is $10.15. The firm has a market cap of $790.58 million, a P/E ratio of -5.17 and a beta of 1.44. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, Avid Bioservices has an average rating of “Hold” and a consensus target price of $12.25.

Insider Activity

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at $2,277,862.65. The trade was a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is owned by insiders.

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.