Zions Bancorporation N.A. Acquires 2,815 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Zions Bancorporation N.A. increased its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,141 shares of the biopharmaceutical company’s stock after purchasing an additional 2,815 shares during the quarter. Zions Bancorporation N.A. owned approximately 0.17% of Avid Bioservices worth $1,323,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDMO. Alpine Associates Management Inc. purchased a new stake in Avid Bioservices during the 4th quarter valued at approximately $24,034,000. Point72 Asset Management L.P. grew its stake in Avid Bioservices by 42.8% during the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after acquiring an additional 1,142,756 shares in the last quarter. Jennison Associates LLC bought a new stake in Avid Bioservices in the 4th quarter valued at $13,796,000. Point72 DIFC Ltd lifted its stake in Avid Bioservices by 12,530.9% in the 3rd quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock worth $11,422,000 after purchasing an additional 995,707 shares in the last quarter. Finally, Alberta Investment Management Corp purchased a new stake in Avid Bioservices in the 4th quarter worth $8,028,000. Institutional investors own 97.16% of the company’s stock.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 145,911 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $1,783,032.42. Following the transaction, the chief executive officer now owns 157,620 shares of the company’s stock, valued at approximately $1,926,116.40. The trade was a 48.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Richard A. Richieri sold 2,283 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $12.37, for a total value of $28,240.71. Following the completion of the sale, the insider now owns 49,535 shares of the company’s stock, valued at approximately $612,747.95. This represents a 4.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 174,850 shares of company stock worth $2,137,009 in the last three months. Insiders own 3.05% of the company’s stock.

Wall Street Analyst Weigh In

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

Avid Bioservices Price Performance

Avid Bioservices stock opened at $12.50 on Wednesday. Avid Bioservices, Inc. has a 52-week low of $6.14 and a 52-week 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. The firm’s fifty day moving average is $12.48 and its 200 day moving average is $11.85. The company has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39.

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.