Zions Bancorporation N.A. Acquires 20,098 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Zions Bancorporation N.A. increased its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 23.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,326 shares of the biopharmaceutical company’s stock after acquiring an additional 20,098 shares during the period. Zions Bancorporation N.A. owned approximately 0.16% of Avid Bioservices worth $1,187,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Emerald Advisers LLC bought a new position in shares of Avid Bioservices in the third quarter worth approximately $16,489,000. Emerald Mutual Fund Advisers Trust bought a new position in shares of Avid Bioservices in the third quarter worth approximately $11,953,000. Point72 Asset Management L.P. lifted its stake in shares of Avid Bioservices by 51.2% in the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock worth $19,086,000 after buying an additional 904,733 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Avid Bioservices by 5,631.6% in the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after buying an additional 713,523 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of Avid Bioservices by 171.3% in the third quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock worth $12,661,000 after buying an additional 702,553 shares in the last quarter. Institutional investors own 97.16% of the company’s stock.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. This trade represents a 7.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 19,323 shares of company stock valued at $194,208 in the last 90 days. Company insiders own 3.05% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CDMO shares. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Stephens reissued an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a report on Tuesday, September 10th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Stock Performance

CDMO stock opened at $11.93 on Friday. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The company has a fifty day simple moving average of $10.72 and a two-hundred day simple moving average of $9.54.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The business had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. Research analysts predict that Avid Bioservices, Inc. will post -0.38 EPS for the current fiscal year.

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.