Essex Investment Management Co. LLC Grows Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Essex Investment Management Co. LLC grew its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 5.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 238,236 shares of the biopharmaceutical company’s stock after acquiring an additional 13,378 shares during the period. Essex Investment Management Co. LLC’s holdings in Avid Bioservices were worth $6,111,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. O Shaughnessy Asset Management LLC raised its position in shares of Avid Bioservices by 4.1% during the 2nd quarter. O Shaughnessy Asset Management LLC now owns 17,588 shares of the biopharmaceutical company’s stock valued at $451,000 after acquiring an additional 693 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Avid Bioservices by 3.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 20,968 shares of the biopharmaceutical company’s stock worth $539,000 after buying an additional 753 shares in the last quarter. Deutsche Bank AG increased its position in shares of Avid Bioservices by 1.9% during the 2nd quarter. Deutsche Bank AG now owns 60,454 shares of the biopharmaceutical company’s stock valued at $1,551,000 after purchasing an additional 1,144 shares during the period. ClariVest Asset Management LLC lifted its holdings in shares of Avid Bioservices by 1.3% in the first quarter. ClariVest Asset Management LLC now owns 112,004 shares of the biopharmaceutical company’s stock valued at $2,041,000 after buying an additional 1,400 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in Avid Bioservices during the first quarter valued at about $27,000. 86.40% of the stock is currently owned by institutional investors and hedge funds.

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 18,701 shares of the firm’s stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $25.56, for a total value of $477,997.56. Following the sale, the chief executive officer now owns 38,553 shares of the company’s stock, valued at approximately $985,414.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel R. Hart sold 5,409 shares of Avid Bioservices stock in a transaction that occurred on Monday, July 12th. The stock was sold at an average price of $25.61, for a total value of $138,524.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,317 shares of company stock worth $801,093. 1.49% of the stock is currently owned by insiders.

Avid Bioservices stock traded up $0.06 during mid-day trading on Monday, hitting $22.13. The company’s stock had a trading volume of 1,678 shares, compared to its average volume of 639,886. The firm’s 50 day moving average is $23.96 and its 200 day moving average is $22.24. The company has a market cap of $1.36 billion, a PE ratio of 275.91 and a beta of 2.19. The company has a debt-to-equity ratio of 3.11, a current ratio of 3.17 and a quick ratio of 2.93. Avid Bioservices, Inc. has a 52-week low of $6.99 and a 52-week high of $28.36.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Tuesday, September 7th. The biopharmaceutical company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.06. Avid Bioservices had a return on equity of 19.89% and a net margin of 12.63%. The company had revenue of $30.75 million during the quarter, compared to the consensus estimate of $25.00 million. During the same period last year, the business earned $0.06 EPS. As a group, analysts forecast that Avid Bioservices, Inc. will post 0.24 EPS for the current year.

Several brokerages have recently issued reports on CDMO. Craig Hallum lifted their price objective on shares of Avid Bioservices from $21.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday, June 30th. Zacks Investment Research cut Avid Bioservices from a “buy” rating to a “hold” rating in a report on Thursday. KeyCorp upped their target price on Avid Bioservices from $22.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, June 30th. Finally, Royal Bank of Canada upped their target price on Avid Bioservices from $21.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, June 30th.

About Avid Bioservices

Avid Bioservices, Inc engages in the commercial manufacturing. The firm focuses on the biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions and support.

Recommended Story: What is the definition of a trade war?

Want to see what other hedge funds are holding CDMO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avid Bioservices, Inc. (NASDAQ:CDMO).

Institutional Ownership by Quarter for Avid Bioservices (NASDAQ:CDMO)

Receive News & Ratings for Avid Bioservices Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Bioservices and related companies with MarketBeat.com's FREE daily email newsletter.