Skandinaviska Enskilda Banken AB publ Buys Shares of 65,000 Avid Bioservices, Inc. (NASDAQ:CDMO)

Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 65,000 shares of the biopharmaceutical company’s stock, valued at approximately $801,000. Skandinaviska Enskilda Banken AB publ owned about 0.10% of Avid Bioservices at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Royce & Associates LP raised its stake in shares of Avid Bioservices by 7.8% during the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock valued at $8,981,000 after acquiring an additional 57,111 shares during the last quarter. Quest Partners LLC bought a new position in Avid Bioservices in the third quarter worth approximately $38,000. Phocas Financial Corp. acquired a new stake in Avid Bioservices in the 3rd quarter valued at $2,107,000. Intech Investment Management LLC acquired a new stake in shares of Avid Bioservices in the 3rd quarter worth about $244,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Avid Bioservices by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 513,576 shares of the biopharmaceutical company’s stock valued at $5,844,000 after purchasing an additional 8,324 shares in the last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.25.

Avid Bioservices Trading Up 0.1 %

NASDAQ:CDMO opened at $12.50 on Tuesday. 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 company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The company has a 50-day moving average price of $12.47 and a 200-day moving average price of $11.73. Avid Bioservices, Inc. has a 12 month low of $6.14 and a 12 month high of $12.51.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 145,911 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $1,783,032.42. Following the completion of the transaction, the chief executive officer now owns 157,620 shares of the company’s stock, valued at $1,926,116.40. This represents a 48.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Richard A. Richieri sold 3,843 shares of the company’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. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 349,850 shares of company stock worth $4,288,259 over the last 90 days. 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.