Jennison Associates LLC Decreases Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Jennison Associates LLC trimmed its position in Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 95.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 101,147 shares of the biopharmaceutical company's stock after selling 2,169,738 shares during the quarter. Jennison Associates LLC owned approximately 0.16% of Avid Bioservices worth $657,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CDMO. Wellington Management Group LLP raised its stake in Avid Bioservices by 72.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company's stock worth $10,981,000 after acquiring an additional 490,569 shares in the last quarter. Federated Hermes Inc. acquired a new stake in Avid Bioservices during the 4th quarter worth $2,090,000. Artisan Partners Limited Partnership raised its stake in Avid Bioservices by 12.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 1,672,302 shares of the biopharmaceutical company's stock worth $15,787,000 after acquiring an additional 184,930 shares in the last quarter. Punch & Associates Investment Management Inc. raised its stake in Avid Bioservices by 15.1% during the 3rd quarter. Punch & Associates Investment Management Inc. now owns 1,186,639 shares of the biopharmaceutical company's stock worth $11,202,000 after acquiring an additional 155,817 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in Avid Bioservices by 16.6% during the 3rd quarter. New York State Common Retirement Fund now owns 991,083 shares of the biopharmaceutical company's stock worth $9,356,000 after acquiring an additional 141,173 shares in the last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Stock Performance

Avid Bioservices stock traded up $0.03 during midday trading on Friday, hitting $7.35. 1,268,426 shares of the company's stock were exchanged, compared to its average volume of 952,830. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $18.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.46. The stock has a market cap of $466.58 million, a price-to-earnings ratio of -27.22 and a beta of 1.63. The firm's 50 day simple moving average is $7.01 and its 200 day simple moving average is $6.51.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reissued an "outperform" rating and set a $7.00 price objective on shares of Avid Bioservices in a research report on Thursday, March 7th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Avid Bioservices currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.25.

Avid Bioservices Company Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.