ADAR1 Capital Management LLC Invests $1.48 Million in Avid Bioservices, Inc. (NASDAQ:CDMO)

ADAR1 Capital Management LLC bought a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 120,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,482,000. ADAR1 Capital Management LLC owned about 0.19% of Avid Bioservices at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC increased its position in shares of Avid Bioservices by 23.3% in the fourth quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock valued at $171,000 after acquiring an additional 2,620 shares during the last quarter. Zions Bancorporation N.A. boosted its holdings in shares of Avid Bioservices by 2.7% during the 4th quarter. Zions Bancorporation N.A. now owns 107,141 shares of the biopharmaceutical company’s stock worth $1,323,000 after buying an additional 2,815 shares during the period. Rhumbline Advisers raised its holdings in Avid Bioservices by 3.4% in the 4th quarter. Rhumbline Advisers now owns 94,700 shares of the biopharmaceutical company’s stock valued at $1,170,000 after acquiring an additional 3,121 shares during the period. R Squared Ltd acquired a new stake in Avid Bioservices during the fourth quarter worth approximately $42,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Avid Bioservices by 1.9% during the fourth quarter. Wellington Management Group LLP now owns 220,444 shares of the biopharmaceutical company’s stock worth $2,722,000 after acquiring an additional 4,113 shares during the period. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $12.50 on Monday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The stock has a market cap of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. The stock has a 50 day simple moving average of $12.49 and a 200 day simple moving average of $11.95. Avid Bioservices, Inc. has a 1-year low of $6.23 and a 1-year high of $12.51.

Insider Activity at Avid Bioservices

In related news, insider Richard A. Richieri sold 2,283 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $12.37, for a total transaction of $28,240.71. Following the sale, the insider now owns 49,535 shares in the company, valued at $612,747.95. The trade was a 4.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.05% of the stock is currently owned by 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.