Northern Trust Corp Acquires 451,916 Shares of Avid Bioservices Inc (CDMO)

Northern Trust Corp lifted its holdings in shares of Avid Bioservices Inc (NASDAQ:CDMO) by 386.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 568,886 shares of the biopharmaceutical company’s stock after buying an additional 451,916 shares during the quarter. Northern Trust Corp owned about 1.02% of Avid Bioservices worth $2,230,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Rhumbline Advisers purchased a new stake in shares of Avid Bioservices during the 2nd quarter valued at approximately $174,000. Schwab Charles Investment Management Inc. purchased a new stake in Avid Bioservices in the 2nd quarter worth approximately $371,000. Bank of New York Mellon Corp lifted its stake in Avid Bioservices by 296.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 129,522 shares of the biopharmaceutical company’s stock worth $507,000 after purchasing an additional 96,851 shares in the last quarter. Millennium Management LLC purchased a new stake in Avid Bioservices in the 1st quarter worth approximately $522,000. Finally, BlackRock Inc. purchased a new stake in Avid Bioservices in the 1st quarter worth approximately $2,217,000. Institutional investors own 23.55% of the company’s stock.

NASDAQ CDMO opened at $5.21 on Friday. Avid Bioservices Inc has a 1 year low of $2.24 and a 1 year high of $8.44.

Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Monday, September 10th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.03. Avid Bioservices had a negative net margin of 57.67% and a negative return on equity of 60.06%. The business had revenue of $12.59 million for the quarter, compared to analysts’ expectations of $9.95 million. On average, equities research analysts expect that Avid Bioservices Inc will post -0.24 EPS for the current year.

Several analysts have issued reports on the stock. ValuEngine cut shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. HC Wainwright increased their target price on shares of Avid Bioservices from $6.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 11th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $8.33.

In other Avid Bioservices news, Director Joel Mccomb sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $6.53, for a total value of $326,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.92% of the company’s stock.

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Avid Bioservices Company Profile

Avid Bioservices, Inc, a biologics contract development and manufacturing company, focuses on the development and current Good Manufacturing Practices (cGMP) manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, cGMP clinical, and commercial manufacturing services for the biotechnology and biopharmaceutical industries.

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Institutional Ownership by Quarter for Avid Bioservices (NASDAQ:CDMO)

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