Bank of New York Mellon Corp Acquires 19,960 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Bank of New York Mellon Corp raised its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 8.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 260,313 shares of the biopharmaceutical company’s stock after acquiring an additional 19,960 shares during the period. Bank of New York Mellon Corp’s holdings in Avid Bioservices were worth $1,859,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. raised its stake in Avid Bioservices by 313.7% in the second quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock valued at $2,928,000 after purchasing an additional 310,921 shares in the last quarter. Kennedy Capital Management LLC grew its holdings in Avid Bioservices by 74.6% during the 1st quarter. Kennedy Capital Management LLC now owns 597,089 shares of the biopharmaceutical company’s stock worth $4,000,000 after acquiring an additional 255,201 shares during the last quarter. Kent Lake Capital LLC bought a new position in Avid Bioservices during the 1st quarter worth $1,879,000. Price T Rowe Associates Inc. MD raised its position in shares of Avid Bioservices by 5.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock worth $204,000 after acquiring an additional 1,649 shares during the last quarter. Finally, Anson Funds Management LP lifted its position in shares of Avid Bioservices by 20.5% in the 1st quarter. Anson Funds Management LP now owns 164,313 shares of the biopharmaceutical company’s stock worth $1,101,000 after purchasing an additional 28,000 shares during the period. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CDMO shares. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. Stephens reaffirmed an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a research report on Tuesday, September 10th. Royal Bank of Canada increased their price objective on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Avid Bioservices Stock Up 1.8 %

Shares of NASDAQ CDMO opened at $11.49 on Wednesday. The stock has a market capitalization of $730.55 million, a P/E ratio of -5.20 and a beta of 1.37. Avid Bioservices, Inc. has a one year low of $4.07 and a one year high of $11.84. The firm’s 50 day simple moving average is $10.13 and its two-hundred day simple moving average is $8.41. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 0.31.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The business had revenue of $42.98 million during the quarter, compared to analysts’ expectations of $42.60 million. As a group, analysts expect that Avid Bioservices, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total transaction of $57,733.78. Following the transaction, the chief executive officer now owns 212,314 shares in the company, valued at $1,600,847.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 9,216 shares of company stock worth $69,984. 2.39% 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.