1,117,104 Shares in Avid Bioservices, Inc. (NASDAQ:CDMO) Bought by Jennison Associates LLC

Jennison Associates LLC acquired a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 1,117,104 shares of the biopharmaceutical company’s stock, valued at approximately $13,796,000.

A number of other large investors have also modified their holdings of CDMO. Quest Partners LLC acquired a new stake in shares of Avid Bioservices during the 3rd quarter valued at about $38,000. R Squared Ltd acquired a new stake in Avid Bioservices in the fourth quarter valued at approximately $42,000. Glenmede Trust Co. NA increased its position in shares of Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock valued at $199,000 after buying an additional 4,812 shares in the last quarter. Creative Planning raised its stake in shares of Avid Bioservices by 49.4% during the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock worth $230,000 after buying an additional 6,672 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of Avid Bioservices during the 3rd quarter valued at approximately $244,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Activity

In other Avid Bioservices news, insider Richard A. Richieri sold 3,843 shares of the business’s stock in a transaction 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 transaction, the insider now owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. The trade was a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Nicholas Stewart Green sold 100,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $12.28, for a total value of $1,228,000.00. Following the completion of the sale, the chief executive officer now directly owns 51,653 shares of the company’s stock, valued at $634,298.84. This trade represents a 65.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 349,850 shares of company stock worth $4,288,259 over the last ninety days. Corporate insiders own 3.05% of the company’s stock.

Avid Bioservices Trading Up 0.1 %

Shares of CDMO opened at $12.50 on Thursday. The firm’s fifty day moving average is $12.36 and its two-hundred day moving average is $11.32. 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 quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a 52-week low of $5.90 and a 52-week high of $12.51.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. Research analysts forecast that Avid Bioservices, Inc. will post -0.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CDMO. Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. William Blair reissued a “market perform” rating on shares of Avid Bioservices 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. Finally, Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $12.25.

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.