Renaissance Technologies LLC Raises Stock Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Renaissance Technologies LLC boosted its position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 242.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,884 shares of the biopharmaceutical company’s stock after acquiring an additional 65,025 shares during the period. Renaissance Technologies LLC owned 0.15% of Avid Bioservices worth $1,675,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CDMO. Bank of New York Mellon Corp grew its stake in Avid Bioservices by 1.7% during the fourth quarter. Bank of New York Mellon Corp now owns 219,614 shares of the biopharmaceutical company’s stock valued at $2,534,000 after acquiring an additional 3,770 shares in the last quarter. Wells Fargo & Company MN grew its stake in Avid Bioservices by 0.7% during the fourth quarter. Wells Fargo & Company MN now owns 141,135 shares of the biopharmaceutical company’s stock valued at $1,628,000 after acquiring an additional 917 shares in the last quarter. Rhumbline Advisers grew its stake in Avid Bioservices by 6.6% in the 4th quarter. Rhumbline Advisers now owns 70,240 shares of the biopharmaceutical company’s stock worth $811,000 after buying an additional 4,333 shares in the last quarter. Citigroup Inc. grew its stake in Avid Bioservices by 270.2% in the 4th quarter. Citigroup Inc. now owns 11,265 shares of the biopharmaceutical company’s stock worth $130,000 after buying an additional 8,222 shares in the last quarter. Finally, Credit Suisse AG purchased a new position in Avid Bioservices in the 4th quarter worth approximately $208,000. 76.84% of the stock is owned by institutional investors.

In related news, General Counsel Mark R. Ziebell sold 7,207 shares of the company’s stock in a transaction on Monday, July 12th. The shares were sold at an average price of $25.61, for a total transaction of $184,571.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel R. Hart sold 5,409 shares of the company’s stock in a transaction on Monday, July 12th. The shares were sold at an average price of $25.61, for a total transaction of $138,524.49. The disclosure for this sale can be found here. Insiders own 1.72% of the company’s stock.

Shares of CDMO opened at $26.09 on Thursday. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 652.41 and a beta of 2.21. The company has a current ratio of 2.93, a quick ratio of 2.76 and a debt-to-equity ratio of 1.25. Avid Bioservices, Inc. has a fifty-two week low of $6.49 and a fifty-two week high of $27.02. The business has a 50 day simple moving average of $23.45.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Monday, June 28th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.05). The business had revenue of $27.61 million during the quarter, compared to the consensus estimate of $20.70 million. Avid Bioservices had a return on equity of 17.31% and a net margin of 11.69%. Equities research analysts forecast that Avid Bioservices, Inc. will post 0.19 EPS for the current year.

A number of equities analysts have commented on the stock. Royal Bank of Canada boosted their price target on shares of Avid Bioservices from $21.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 30th. Zacks Investment Research cut shares of Avid Bioservices from a “hold” rating to a “sell” rating in a research note on Wednesday, June 30th. KeyCorp boosted their price target on shares of Avid Bioservices from $22.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 30th. Finally, Craig Hallum boosted their price target on shares of Avid Bioservices from $21.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday, June 30th. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. Avid Bioservices currently has an average rating of “Buy” and an average price target of $26.00.

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 focused on biopharmaceutical drug substances derived from mammalian cell culture. It produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, purification, bulk packaging, release and stability testing, and regulatory submission and support.

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

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