Kornitzer Capital Management Inc. KS Sells 39,260 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Kornitzer Capital Management Inc. KS trimmed its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 4.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 765,500 shares of the biopharmaceutical company’s stock after selling 39,260 shares during the quarter. Kornitzer Capital Management Inc. KS owned 1.20% of Avid Bioservices worth $5,466,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Avid Bioservices by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock worth $24,557,000 after acquiring an additional 47,315 shares during the period. 12 West Capital Management LP acquired a new stake in Avid Bioservices in the first quarter worth about $18,425,000. Wellington Management Group LLP raised its holdings in Avid Bioservices by 27.1% during the 4th quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock worth $9,612,000 after purchasing an additional 315,600 shares during the last quarter. Kennedy Capital Management LLC lifted its position in Avid Bioservices by 74.6% during the 1st quarter. Kennedy Capital Management LLC now owns 597,089 shares of the biopharmaceutical company’s stock valued at $4,000,000 after purchasing an additional 255,201 shares during the period. Finally, Harbor Capital Advisors Inc. grew its holdings in Avid Bioservices by 313.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock worth $2,928,000 after acquiring an additional 310,921 shares during the period. 97.16% of the stock is owned by institutional investors.

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total transaction of $57,733.78. Following the completion of the sale, the chief executive officer now directly owns 212,314 shares of the company’s stock, valued at approximately $1,600,847.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 9,216 shares of company stock worth $69,984 over the last quarter. Company insiders own 2.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reissued an “outperform” rating and set a $8.00 price target on shares of Avid Bioservices in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Avid Bioservices Trading Down 2.6 %

Shares of Avid Bioservices stock opened at $9.00 on Friday. Avid Bioservices, Inc. has a 12-month low of $4.07 and a 12-month high of $12.28. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $9.62 and its 200-day moving average is $8.25. The stock has a market cap of $574.11 million, a P/E ratio of -4.07 and a beta of 1.37.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The business had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. Equities research analysts predict that Avid Bioservices, Inc. will post -0.31 earnings per share for the current fiscal year.

Avid Bioservices Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.