Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 16.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 171,013 shares of the biopharmaceutical company’s stock after selling 33,292 shares during the period. Bank of New York Mellon Corp’s holdings in Avid Bioservices were worth $2,112,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Point72 Asset Management L.P. raised its stake in Avid Bioservices by 42.8% during 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 acquiring an additional 1,142,756 shares during the period. Portolan Capital Management LLC increased its stake in shares of Avid Bioservices by 15.0% in the third quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company’s stock valued at $23,830,000 after purchasing an additional 273,212 shares during the period. Geode Capital Management LLC increased its stake in shares of Avid Bioservices by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock valued at $16,688,000 after purchasing an additional 34,328 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Avid Bioservices by 1.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,124,351 shares of the biopharmaceutical company’s stock valued at $13,886,000 after purchasing an additional 11,759 shares during the period. Finally, Jennison Associates LLC acquired a new stake in shares of Avid Bioservices in the fourth quarter valued at approximately $13,796,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, CFO Daniel R. Hart sold 22,813 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the sale, the chief financial officer now directly owns 110,980 shares in the company, valued at approximately $1,356,175.60. This trade represents a 17.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Richard A. Richieri sold 3,843 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the sale, the insider now owns 44,556 shares of the company’s stock, valued at $544,474.32. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 274,850 shares of company stock worth $3,365,009 over the last three months. Corporate insiders own 3.05% of the company’s stock.

Avid Bioservices Trading Up 0.1 %

Avid Bioservices stock opened at $12.50 on Friday. The firm has a 50 day simple moving average of $12.47 and a 200-day simple moving average of $11.77. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 0.92. The stock has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. Avid Bioservices, Inc. has a 12-month low of $6.14 and a 12-month high of $12.51.

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.