Phocas Financial Corp. Buys New Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Phocas Financial Corp. purchased a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 185,120 shares of the biopharmaceutical company’s stock, valued at approximately $2,107,000.

Several other institutional investors have also bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its position in shares of Avid Bioservices by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock valued at $204,000 after purchasing an additional 1,649 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Avid Bioservices by 2.4% during the third quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock valued at $878,000 after acquiring an additional 1,800 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after acquiring an additional 3,041 shares during the period. Quest Partners LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter worth about $38,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices during the 2nd quarter worth about $38,000. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Price Performance

CDMO opened at $12.19 on Wednesday. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The business’s fifty day simple moving average is $10.91 and its 200-day simple moving average is $9.64. The company has a market capitalization of $777.60 million, a price-to-earnings ratio of -5.37 and a beta of 1.40. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.48.

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

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. The trade was a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 19,323 shares of company stock valued at $194,208 over the last 90 days. Corporate insiders own 3.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CDMO. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Stephens reaffirmed an “overweight” rating and issued a $12.00 price objective 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. Finally, StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $13.63.

Avid Bioservices Company 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.