JPMorgan Chase & Co. Boosts Stock Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

JPMorgan Chase & Co. increased its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 283.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 108,684 shares of the biopharmaceutical company’s stock after purchasing an additional 80,308 shares during the quarter. JPMorgan Chase & Co.’s holdings in Avid Bioservices were worth $1,237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CDMO. Sei Investments Co. lifted its holdings in Avid Bioservices by 14.9% in the 2nd quarter. Sei Investments Co. now owns 159,729 shares of the biopharmaceutical company’s stock worth $1,140,000 after buying an additional 20,766 shares during the period. Marshall Wace LLP purchased a new stake in Avid Bioservices in the second quarter worth $1,396,000. Point72 DIFC Ltd purchased a new stake in Avid Bioservices in the second quarter worth $57,000. Cubist Systematic Strategies LLC boosted its holdings in Avid Bioservices by 112.5% in the second quarter. Cubist Systematic Strategies LLC now owns 341,311 shares of the biopharmaceutical company’s stock valued at $2,437,000 after acquiring an additional 180,692 shares in the last quarter. Finally, Millennium Management LLC increased its position in Avid Bioservices by 15.8% during the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after purchasing an additional 695,512 shares during the period. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Trading Down 0.2 %

Shares of NASDAQ:CDMO opened at $12.42 on Friday. The stock’s 50-day simple moving average is $12.32 and its two-hundred day simple moving average is $11.06. The stock has a market capitalization of $794.42 million, a price-to-earnings ratio of -5.20 and a beta of 1.40. Avid Bioservices, Inc. has a 52-week low of $5.90 and a 52-week high of $12.48. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. Analysts expect that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, 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 issued a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.25.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 145,911 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $1,783,032.42. Following the sale, the chief executive officer now owns 157,620 shares of the company’s stock, valued at approximately $1,926,116.40. This represents a 48.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Richard A. Richieri sold 2,283 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $12.37, for a total value of $28,240.71. Following the transaction, the insider now owns 49,535 shares of the company’s stock, valued at $612,747.95. This trade represents a 4.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 349,850 shares of company stock valued at $4,288,259 in the last quarter. 3.05% of the stock is currently owned by insiders.

About Avid Bioservices

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.