Cinctive Capital Management LP Has $3.44 Million Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Cinctive Capital Management LP grew its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 98.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 302,651 shares of the biopharmaceutical company’s stock after purchasing an additional 150,211 shares during the period. Cinctive Capital Management LP owned about 0.47% of Avid Bioservices worth $3,444,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Meeder Asset Management Inc. bought a new position in Avid Bioservices during the 2nd quarter valued at about $38,000. Quest Partners LLC bought a new position in shares of Avid Bioservices in the third quarter valued at approximately $38,000. Point72 DIFC Ltd acquired a new position in shares of Avid Bioservices in the 2nd quarter worth approximately $57,000. Principal Financial Group Inc. bought a new stake in shares of Avid Bioservices during the second quarter worth $80,000. Finally, TradeLink Capital LLC acquired a new stake in shares of Avid Bioservices in the second quarter valued at $92,000. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Trading Up 0.3 %

Shares of NASDAQ CDMO opened at $12.32 on Tuesday. Avid Bioservices, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $12.48. The firm has a market capitalization of $785.89 million, a P/E ratio of -5.43 and a beta of 1.44. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The company’s 50 day simple moving average is $11.11 and its 200 day simple moving average is $9.90.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The company had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. On average, analysts predict that Avid Bioservices, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. This trade represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 19,323 shares of company stock worth $194,208. Insiders own 3.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Stephens reiterated an “overweight” rating and set a $12.00 price target on shares of Avid Bioservices in a research report on Tuesday, September 10th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $13.63.

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.