Intech Investment Management LLC Purchases 6,139 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Intech Investment Management LLC lifted its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 28.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 27,591 shares of the biopharmaceutical company’s stock after buying an additional 6,139 shares during the period. Intech Investment Management LLC’s holdings in Avid Bioservices were worth $341,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quest Partners LLC bought a new position in Avid Bioservices in the 3rd quarter valued at approximately $38,000. R Squared Ltd bought a new position in shares of Avid Bioservices during the fourth quarter valued at $42,000. Raymond James Financial Inc. purchased a new stake in shares of Avid Bioservices during the fourth quarter valued at $166,000. HighTower Advisors LLC increased its holdings in Avid Bioservices by 23.3% in the 4th quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock worth $171,000 after buying an additional 2,620 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in Avid Bioservices in the 4th quarter worth about $195,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 145,911 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $1,783,032.42. Following the completion of the sale, the chief executive officer now directly owns 157,620 shares in the company, valued at $1,926,116.40. This represents a 48.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Richard A. Richieri sold 2,283 shares of Avid Bioservices stock in a transaction on Friday, January 10th. The shares were sold at an average price of $12.37, for a total value of $28,240.71. Following the transaction, the insider now owns 49,535 shares in the company, valued at $612,747.95. This trade represents a 4.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 174,850 shares of company stock worth $2,137,009 in the last quarter. Company insiders own 3.05% of the company’s stock.

Wall Street Analyst Weigh In

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

Avid Bioservices Stock Up 0.1 %

Avid Bioservices stock opened at $12.50 on Wednesday. The stock has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. 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 fifty day moving average of $12.48 and a 200 day moving average of $11.85. Avid Bioservices, Inc. has a one year low of $6.14 and a one year high of $12.51.

Avid Bioservices 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.