650,000 Shares in Avid Bioservices, Inc. (NASDAQ:CDMO) Acquired by Alberta Investment Management Corp

Alberta Investment Management Corp acquired a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 650,000 shares of the biopharmaceutical company’s stock, valued at approximately $8,028,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDMO. Quest Partners LLC bought a new stake in Avid Bioservices in the third quarter valued at approximately $38,000. R Squared Ltd bought a new stake in Avid Bioservices in the fourth quarter valued at approximately $42,000. Entropy Technologies LP bought a new stake in Avid Bioservices in the fourth quarter valued at approximately $195,000. Glenmede Trust Co. NA lifted its position in 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 purchasing an additional 4,812 shares during the last quarter. Finally, Creative Planning increased its stake in shares of Avid Bioservices by 49.4% during the third quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock valued at $230,000 after buying an additional 6,672 shares during the period. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Price Performance

Shares of CDMO stock opened at $12.50 on Thursday. The stock has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39. The business’s fifty day moving average is $12.40 and its 200 day moving average is $11.49. Avid Bioservices, Inc. has a twelve month low of $5.90 and a twelve month high of $12.51. 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 (NASDAQ:CDMO) last issued its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. Research analysts expect that Avid Bioservices, Inc. will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Avid Bioservices news, CFO Daniel R. Hart sold 22,813 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 value of $278,774.86. Following the sale, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Nicholas Stewart Green sold 100,000 shares of the business’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 in the company, 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 have sold a total of 349,850 shares of company stock valued at $4,288,259 over the last ninety days. Company insiders own 3.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CDMO shares. Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, Craig Hallum cut 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 company’s stock. According to MarketBeat.com, the stock 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.