Fisher Asset Management LLC Acquires 155,419 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Fisher Asset Management LLC boosted its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 63.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 401,081 shares of the biopharmaceutical company’s stock after acquiring an additional 155,419 shares during the period. Fisher Asset Management LLC owned 0.63% of Avid Bioservices worth $4,564,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CDMO. Emerald Advisers LLC bought a new stake in Avid Bioservices in the 3rd quarter valued at $16,489,000. Emerald Mutual Fund Advisers Trust bought a new stake in Avid Bioservices in the 3rd quarter valued at $11,953,000. Point72 Asset Management L.P. raised its stake in Avid Bioservices by 51.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after acquiring an additional 904,733 shares during the period. American Century Companies Inc. raised its stake in Avid Bioservices by 5,631.6% in the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after acquiring an additional 713,523 shares during the period. Finally, Harbor Capital Advisors Inc. raised its stake in Avid Bioservices by 171.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock valued at $12,661,000 after acquiring an additional 702,553 shares during the period. Institutional investors own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

CDMO has been the topic of several recent research reports. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Stephens reiterated an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. One investment 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. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $13.63.

Avid Bioservices Stock Up 0.2 %

Shares of NASDAQ CDMO opened at $12.35 on Friday. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48. The stock has a market capitalization of $787.81 million, a P/E ratio of -5.44 and a beta of 1.40. The stock’s fifty day moving average is $11.07 and its 200 day moving average is $9.84.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $40.17 million for 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%. Sell-side analysts forecast that Avid Bioservices, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

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

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.