Avid Bioservices, Inc. (NASDAQ:CDMO) Shares Sold by Sargent Investment Group LLC

Sargent Investment Group LLC lessened its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 6.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 558,630 shares of the biopharmaceutical company’s stock after selling 37,350 shares during the quarter. Avid Bioservices comprises about 1.1% of Sargent Investment Group LLC’s investment portfolio, making the stock its 22nd biggest position. Sargent Investment Group LLC owned about 0.88% of Avid Bioservices worth $6,357,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of CDMO. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices during the 2nd quarter worth $38,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices during the second quarter valued at about $57,000. Principal Financial Group Inc. acquired a new position in Avid Bioservices in the second quarter worth about $80,000. TradeLink Capital LLC acquired a new position in Avid Bioservices in the second quarter worth about $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after purchasing an additional 3,041 shares in the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Analyst Ratings Changes

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

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at $2,277,862.65. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 19,323 shares of company stock worth $194,208. Insiders own 3.05% of the company’s stock.

Avid Bioservices Stock Performance

CDMO stock traded up $0.01 during midday trading on Thursday, reaching $12.21. 909,548 shares of the company were exchanged, compared to its average volume of 1,277,150. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The business has a 50-day moving average price of $10.72 and a two-hundred day moving average price of $9.54. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $12.48. The firm has a market capitalization of $778.88 million, a price-to-earnings ratio of -5.38 and a beta of 1.40.

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

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.