Harbor Capital Advisors Inc. Raises Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Harbor Capital Advisors Inc. raised its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 313.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 410,039 shares of the biopharmaceutical company’s stock after purchasing an additional 310,921 shares during the period. Harbor Capital Advisors Inc.’s holdings in Avid Bioservices were worth $2,928,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CDMO. Wellington Management Group LLP lifted its position in Avid Bioservices by 27.1% during the 4th quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock valued at $9,612,000 after acquiring an additional 315,600 shares during the period. Trexquant Investment LP bought a new position in Avid Bioservices during the 4th quarter valued at approximately $1,259,000. BNP Paribas Financial Markets boosted its holdings in Avid Bioservices by 50.8% in the first quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock worth $2,081,000 after acquiring an additional 104,573 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Avid Bioservices by 0.3% in the third quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock worth $41,791,000 after acquiring an additional 13,190 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its holdings in shares of Avid Bioservices by 96.6% during the fourth quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company’s stock valued at $2,478,000 after acquiring an additional 187,280 shares in the last quarter. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Trading Down 2.7 %

Shares of NASDAQ CDMO traded down $0.28 during midday trading on Wednesday, hitting $10.00. The company’s stock had a trading volume of 388,326 shares, compared to its average volume of 1,196,207. The business’s 50 day moving average is $8.34 and its two-hundred day moving average is $7.70. The firm has a market cap of $635.81 million, a P/E ratio of -4.65 and a beta of 1.36. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $13.22.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). The company had revenue of $42.98 million during the quarter, compared to the consensus estimate of $42.60 million. Avid Bioservices had a negative return on equity of 11.27% and a negative net margin of 100.57%. As a group, equities research analysts expect that Avid Bioservices, Inc. will post -0.31 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reissued an “outperform” rating and issued a $8.00 target price on shares of Avid Bioservices in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.67.

Insider Buying and Selling at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total transaction of $57,733.78. Following the completion of the transaction, the chief executive officer now directly owns 212,314 shares in the company, valued at $1,600,847.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 9,216 shares of company stock worth $69,984. Company insiders own 2.39% of the company’s stock.

Avid Bioservices Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.