Rangeley Capital LLC Takes $1.26 Million Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Rangeley Capital LLC acquired a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 102,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,260,000. Avid Bioservices accounts for 1.1% of Rangeley Capital LLC’s portfolio, making the stock its 24th biggest position. Rangeley Capital LLC owned approximately 0.16% of Avid Bioservices at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CDMO. Alliancebernstein L.P. grew its position in Avid Bioservices by 1,469.6% in the 4th quarter. Alliancebernstein L.P. now owns 1,186,003 shares of the biopharmaceutical company’s stock valued at $14,647,000 after buying an additional 1,110,443 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Avid Bioservices by 1.9% in the 4th quarter. Wellington Management Group LLP now owns 220,444 shares of the biopharmaceutical company’s stock worth $2,722,000 after buying an additional 4,113 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Avid Bioservices by 30.8% in the fourth quarter. JPMorgan Chase & Co. now owns 142,191 shares of the biopharmaceutical company’s stock valued at $1,756,000 after buying an additional 33,507 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Avid Bioservices during the fourth quarter valued at about $179,000. Finally, Zions Bancorporation N.A. raised its holdings in shares of Avid Bioservices by 2.7% in the 4th quarter. Zions Bancorporation N.A. now owns 107,141 shares of the biopharmaceutical company’s stock worth $1,323,000 after purchasing an additional 2,815 shares in the last quarter. Institutional investors own 97.16% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, Avid Bioservices has an average rating of “Hold” and a consensus target price of $12.25.

Avid Bioservices Trading Up 0.1 %

Shares of NASDAQ CDMO opened at $12.50 on Thursday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a one year low of $6.14 and a one year high of $12.51. The business has a 50-day moving average price of $12.49 and a two-hundred day moving average price of $11.93. The firm has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, insider Richard A. Richieri sold 2,283 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the completion of the transaction, the insider now owns 49,535 shares of the company’s stock, valued at $612,747.95. The trade was a 4.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.05% of the company’s stock.

Avid Bioservices 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.