Point72 DIFC Ltd Increases Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Point72 DIFC Ltd increased its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 12,530.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,003,653 shares of the biopharmaceutical company’s stock after purchasing an additional 995,707 shares during the period. Point72 DIFC Ltd owned 1.57% of Avid Bioservices worth $11,422,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Royce & Associates LP grew its position in Avid Bioservices by 7.8% in the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock worth $8,981,000 after acquiring an additional 57,111 shares during the period. Emerald Advisers LLC purchased a new position in shares of Avid Bioservices during the 3rd quarter worth $16,489,000. GSA Capital Partners LLP increased its position in shares of Avid Bioservices by 97.3% during the 3rd quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock worth $1,742,000 after purchasing an additional 75,473 shares during the last quarter. Phocas Financial Corp. purchased a new stake in Avid Bioservices in the 3rd quarter valued at about $2,107,000. Finally, AltraVue Capital LLC lifted its position in Avid Bioservices by 7.6% in the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after buying an additional 239,343 shares during the last quarter. 97.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Avid Bioservices Stock Performance

Shares of CDMO stock opened at $12.32 on Wednesday. The firm has a 50 day moving average of $11.13 and a two-hundred day moving average of $9.92. The stock has a market capitalization of $785.95 million, a PE ratio of -5.43 and a beta of 1.44. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48.

Avid Bioservices (NASDAQ:CDMO) last released its 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. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The firm had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. On average, research analysts predict that Avid Bioservices, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction on Thursday, October 10th. The shares were 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 approximately $2,277,862.65. This trade represents a 7.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 19,323 shares of company stock worth $194,208. 3.05% of the stock is currently owned by company 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.