Kornitzer Capital Management Inc. KS Has $8.78 Million Stake in Avid Bioservices, Inc. (NASDAQ:CDMO)

Kornitzer Capital Management Inc. KS increased its stake in Avid Bioservices, Inc. (NASDAQ:CDMO) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 771,700 shares of the biopharmaceutical company’s stock after purchasing an additional 6,200 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 1.21% of Avid Bioservices worth $8,782,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new stake in shares of Avid Bioservices in the second quarter valued at approximately $38,000. Point72 DIFC Ltd bought a new position in shares of Avid Bioservices during the 2nd quarter worth about $57,000. Principal Financial Group Inc. bought a new position in shares of Avid Bioservices during the 2nd quarter worth about $80,000. TradeLink Capital LLC acquired a new position in shares of Avid Bioservices during the second quarter valued at about $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after buying an additional 3,041 shares during the period. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Price Performance

NASDAQ:CDMO opened at $12.24 on Friday. The firm has a market cap of $780.79 million, a PE ratio of -5.39 and a beta of 1.40. Avid Bioservices, Inc. has a 12 month low of $4.07 and a 12 month high of $12.48. The company’s 50-day moving average price is $10.54 and its two-hundred day moving average price is $9.37. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The company had revenue of $40.17 million for the quarter, compared to analysts’ expectations of $39.50 million. On average, equities analysts anticipate that Avid Bioservices, Inc. will post -0.29 EPS for the current fiscal year.

Analysts Set New Price Targets

CDMO has been the subject of several recent research reports. Stephens reaffirmed an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a report on Tuesday, September 10th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Avid Bioservices currently has a consensus rating of “Hold” and a consensus target price of $13.63.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 19,323 shares of company stock valued at $194,208 over the last three months. 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.