E Fund Management Co. Ltd. Acquires New Shares in Avid Bioservices, Inc. (NASDAQ:CDMO)

E Fund Management Co. Ltd. bought a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 20,349 shares of the biopharmaceutical company’s stock, valued at approximately $132,000.

Other institutional investors have also added to or reduced their stakes in the company. M&T Bank Corp raised its stake in Avid Bioservices by 20.6% in the fourth quarter. M&T Bank Corp now owns 103,432 shares of the biopharmaceutical company’s stock worth $673,000 after buying an additional 17,673 shares in the last quarter. CWM LLC boosted its position in Avid Bioservices by 3,125.0% during the fourth quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 6,500 shares in the last quarter. Federated Hermes Inc. purchased a new position in shares of Avid Bioservices in the 4th quarter worth approximately $2,090,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Avid Bioservices by 19.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,761 shares of the biopharmaceutical company’s stock worth $265,000 after acquiring an additional 6,745 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Avid Bioservices during the fourth quarter valued at approximately $370,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada increased their price objective on Avid Bioservices from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $14.50.

Avid Bioservices Stock Performance

Shares of CDMO stock opened at $8.14 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.46 and a quick ratio of 0.31. The business has a fifty day moving average of $7.07 and a 200 day moving average of $6.55. The firm has a market capitalization of $516.73 million, a price-to-earnings ratio of -30.15 and a beta of 1.55. Avid Bioservices, Inc. has a 1 year low of $4.07 and a 1 year high of $18.65.

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 11,762 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total value of $87,038.80. Following the transaction, the chief executive officer now owns 203,606 shares in the company, valued at approximately $1,506,684.40. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 17,236 shares of company stock worth $127,546 over the last three months. 2.39% of the stock is currently owned by insiders.

About Avid Bioservices

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.