Fisher Asset Management LLC Cuts Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Fisher Asset Management LLC decreased its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 91.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,864 shares of the biopharmaceutical company’s stock after selling 368,217 shares during the period. Fisher Asset Management LLC owned approximately 0.05% of Avid Bioservices worth $406,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its stake in Avid Bioservices by 42.8% in the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock worth $43,424,000 after buying an additional 1,142,756 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Avid Bioservices in the 4th quarter worth approximately $13,796,000. Point72 DIFC Ltd boosted its stake in shares of Avid Bioservices by 12,530.9% in the 3rd quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock valued at $11,422,000 after purchasing an additional 995,707 shares in the last quarter. Alberta Investment Management Corp bought a new position in shares of Avid Bioservices during the 4th quarter valued at $8,028,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new position in Avid Bioservices in the 4th quarter worth $7,320,000. Institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.25.

Avid Bioservices Stock Performance

Shares of CDMO stock opened at $12.50 on Friday. The company has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. Avid Bioservices, Inc. has a fifty-two week low of $5.90 and a fifty-two week high of $12.51. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. The stock has a 50 day moving average price of $12.45 and a two-hundred day moving average price of $11.64.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. Analysts expect that Avid Bioservices, Inc. will post -0.46 earnings per share for the current year.

Insider Activity

In related news, insider Richard A. Richieri sold 3,843 shares of Avid Bioservices stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the sale, the insider now owns 44,556 shares in the company, valued at $544,474.32. The trade was a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nicholas Stewart Green sold 100,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $12.28, for a total transaction of $1,228,000.00. Following the transaction, the chief executive officer now directly owns 51,653 shares in the company, valued at approximately $634,298.84. The trade was a 65.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 349,850 shares of company stock valued at $4,288,259. Insiders own 3.05% of the company’s stock.

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.