New York State Common Retirement Fund lowered its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Free Report) by 23.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 758,259 shares of the biopharmaceutical company's stock after selling 232,824 shares during the quarter. New York State Common Retirement Fund owned about 1.20% of Avid Bioservices worth $4,929,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Victory Capital Management Inc. boosted its stake in Avid Bioservices by 12.3% in the 3rd quarter. Victory Capital Management Inc. now owns 29,634 shares of the biopharmaceutical company's stock worth $280,000 after purchasing an additional 3,235 shares in the last quarter. M&T Bank Corp lifted its stake in shares of Avid Bioservices by 6.5% in the third quarter. M&T Bank Corp now owns 85,759 shares of the biopharmaceutical company's stock worth $810,000 after buying an additional 5,231 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Avid Bioservices by 5.9% during the third quarter. TD Asset Management Inc now owns 114,830 shares of the biopharmaceutical company's stock valued at $1,084,000 after buying an additional 6,400 shares during the last quarter. CWM LLC increased its position in shares of Avid Bioservices by 3,125.0% during the fourth quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company's stock valued at $44,000 after acquiring an additional 6,500 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Avid Bioservices by 19.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,761 shares of the biopharmaceutical company's stock worth $265,000 after acquiring an additional 6,745 shares during the last quarter. Institutional investors own 97.16% of the company's stock.
Insider Buying and Selling at Avid Bioservices
In other news, CEO Nicholas Stewart Green sold 11,762 shares of the firm's stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $7.40, for a total value of $87,038.80. Following the transaction, the chief executive officer now directly owns 203,606 shares in the company, valued at approximately $1,506,684.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders sold 17,236 shares of company stock worth $127,546. Insiders own 2.39% of the company's stock.
Analyst Upgrades and Downgrades
Separately, Royal Bank of Canada increased their target price on Avid Bioservices from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Tuesday, April 30th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $14.50.
Get Our Latest Stock Analysis on CDMO
Avid Bioservices Stock Performance
Shares of CDMO traded up $0.05 during mid-day trading on Friday, hitting $8.25. 1,300,201 shares of the company traded hands, compared to its average volume of 1,074,221. Avid Bioservices, Inc. has a 1 year low of $4.07 and a 1 year high of $18.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.31 and a current ratio of 0.46. The stock has a 50-day moving average price of $7.03 and a two-hundred day moving average price of $6.50. The stock has a market cap of $523.71 million, a price-to-earnings ratio of -30.55 and a beta of 1.55.
About Avid Bioservices
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Free Report)
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.
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