Alberta Investment Management Corp Invests $8.03 Million in Avid Bioservices, Inc. (NASDAQ:CDMO)

Alberta Investment Management Corp bought a new position in Avid Bioservices, Inc. (NASDAQ:CDMO) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 650,000 shares of the biopharmaceutical company’s stock, valued at approximately $8,028,000. Alberta Investment Management Corp owned about 1.02% of Avid Bioservices at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CDMO. Emerald Advisers LLC acquired a new position in shares of Avid Bioservices in the third quarter valued at approximately $16,489,000. Point72 Asset Management L.P. increased its stake in shares of Avid Bioservices by 42.8% in the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after buying an additional 1,142,756 shares during the period. Jennison Associates LLC acquired a new position in shares of Avid Bioservices in the fourth quarter valued at approximately $13,796,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Avid Bioservices in the third quarter valued at approximately $11,953,000. Finally, Point72 DIFC Ltd increased its stake in shares of Avid Bioservices by 12,530.9% in the third quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock valued at $11,422,000 after buying an additional 995,707 shares during the period. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $12.50 on Thursday. The company has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. The company has a 50 day simple moving average of $12.40 and a two-hundred day simple moving average of $11.49. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. Avid Bioservices, Inc. has a fifty-two week low of $5.90 and a fifty-two week high of $12.51.

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Royal Bank of Canada reaffirmed 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 downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.25.

Insider Activity

In related news, CEO Nicholas Stewart Green sold 75,000 shares of Avid Bioservices stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the sale, the chief executive officer now owns 151,653 shares of the company’s stock, valued at approximately $1,866,848.43. This trade represents a 33.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value 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 approximately $1,356,175.60. This trade represents a 17.05 % decrease in their position. 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 in the last ninety days. 3.05% of the stock is currently owned by insiders.

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.