Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP increased its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 7.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 216,331 shares of the biopharmaceutical company’s stock after acquiring an additional 15,541 shares during the period. Wellington Management Group LLP’s holdings in Avid Bioservices were worth $2,462,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CDMO. Meeder Asset Management Inc. acquired a new stake in shares of Avid Bioservices in the second quarter valued at approximately $38,000. Quest Partners LLC bought a new position in Avid Bioservices in the 3rd quarter worth approximately $38,000. Point72 DIFC Ltd bought a new position in Avid Bioservices in the 2nd quarter worth approximately $57,000. Principal Financial Group Inc. acquired a new stake in Avid Bioservices in the 2nd quarter valued at approximately $80,000. Finally, TradeLink Capital LLC bought a new stake in Avid Bioservices during the 2nd quarter valued at $92,000. 97.16% of the stock is currently owned by institutional investors.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 19,323 shares of company stock valued at $194,208 in the last quarter. Insiders own 3.05% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Finally, Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $12.25.

Avid Bioservices Price Performance

Shares of Avid Bioservices stock opened at $12.36 on Wednesday. Avid Bioservices, Inc. has a 52 week low of $5.65 and a 52 week high of $12.48. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. The stock has a market cap of $790.58 million, a PE ratio of -5.17 and a beta of 1.44. The company’s 50-day moving average price is $11.42 and its two-hundred day moving average price is $10.18.

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.