ABC Arbitrage SA Buys New Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

ABC Arbitrage SA bought a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 210,237 shares of the biopharmaceutical company’s stock, valued at approximately $2,596,000. ABC Arbitrage SA owned approximately 0.33% of Avid Bioservices as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in Avid Bioservices in the third quarter valued at approximately $38,000. R Squared Ltd purchased a new position in Avid Bioservices in the fourth quarter valued at approximately $42,000. Entropy Technologies LP purchased a new position in Avid Bioservices in the fourth quarter valued at approximately $195,000. Glenmede Trust Co. NA increased its stake in Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock valued at $199,000 after purchasing an additional 4,812 shares during the last quarter. Finally, Creative Planning increased its stake in Avid Bioservices by 49.4% in the third quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock valued at $230,000 after purchasing an additional 6,672 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Buying and Selling

In related news, CFO Daniel R. Hart sold 22,813 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the sale, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at $1,356,175.60. This trade represents a 17.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Richard A. Richieri sold 2,283 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $12.37, for a total value of $28,240.71. Following the sale, the insider now directly owns 49,535 shares of the company’s stock, valued at approximately $612,747.95. This represents a 4.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 349,850 shares of company stock valued at $4,288,259 over the last three months. 3.05% of the stock is currently owned by company insiders.

Avid Bioservices Stock Performance

Shares of CDMO opened at $12.50 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The firm has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. The company’s 50 day simple moving average is $12.38 and its 200-day simple moving average is $11.43. Avid Bioservices, Inc. has a 12-month low of $5.90 and a 12-month high of $12.51.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. As a group, equities analysts predict that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CDMO shares. Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada restated a “sector perform” rating and set a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $12.25.

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.