FNY Investment Advisers LLC Takes Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

FNY Investment Advisers LLC acquired a new position in Avid Bioservices, Inc. (NASDAQ:CDMO) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 25,000 shares of the biopharmaceutical company’s stock, valued at approximately $308,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDMO. Quest Partners LLC acquired a new position in shares of Avid Bioservices in the 3rd quarter valued at $38,000. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices in the second quarter valued at approximately $38,000. Point72 DIFC Ltd purchased a new stake in shares of Avid Bioservices in the 2nd quarter valued at approximately $57,000. Principal Financial Group Inc. acquired a new position in shares of Avid Bioservices in the 2nd quarter valued at $80,000. Finally, Glenmede Trust Co. NA boosted its stake in Avid Bioservices by 37.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after purchasing an additional 4,812 shares during the period. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Stock Performance

NASDAQ:CDMO opened at $12.43 on Tuesday. The firm has a 50 day moving average of $12.23 and a 200-day moving average of $10.82. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a 1 year low of $5.90 and a 1 year high of $12.48. The stock has a market capitalization of $795.06 million, a P/E ratio of -5.20 and a beta of 1.40.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. 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. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One equities research 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, Avid Bioservices currently has a consensus rating of “Hold” and a consensus target price of $12.25.

Insider Activity

In other news, insider Richard A. Richieri sold 2,283 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $12.37, for a total transaction of $28,240.71. Following the sale, the insider now directly owns 49,535 shares in the company, valued at approximately $612,747.95. The trade was a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 110,980 shares in the company, valued at approximately $1,356,175.60. This represents a 17.05 % 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 in the last ninety days. 3.05% of the stock is 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.