Parkman Healthcare Partners LLC Raises Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Parkman Healthcare Partners LLC boosted its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 15.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 719,965 shares of the biopharmaceutical company’s stock after acquiring an additional 98,874 shares during the period. Parkman Healthcare Partners LLC owned 1.13% of Avid Bioservices worth $8,193,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Emerald Advisers LLC bought a new stake in shares of Avid Bioservices during the 3rd quarter valued at $16,489,000. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Avid Bioservices in the third quarter worth about $11,953,000. Point72 Asset Management L.P. boosted its position in shares of Avid Bioservices by 51.2% in the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after acquiring an additional 904,733 shares during the period. American Century Companies Inc. grew its stake in Avid Bioservices by 5,631.6% during the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after acquiring an additional 713,523 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in Avid Bioservices by 171.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock worth $12,661,000 after purchasing an additional 702,553 shares in the last quarter. 97.16% of the stock is owned by hedge funds and other institutional investors.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO opened at $12.32 on Wednesday. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48. The stock has a market capitalization of $785.95 million, a price-to-earnings ratio of -5.43 and a beta of 1.44. The stock has a fifty day simple moving average of $11.13 and a two-hundred day simple moving average of $9.92. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74.

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

Analyst Ratings Changes

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

Insider Activity at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 19,323 shares of company stock worth $194,208. Corporate insiders own 3.05% of the company’s stock.

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.