Alpine Associates Management Inc. Makes New $24.03 Million Investment in Avid Bioservices, Inc. (NASDAQ:CDMO)

Alpine Associates Management Inc. purchased a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) in the 4th quarter, Holdings Channel.com reports. The firm purchased 1,946,082 shares of the biopharmaceutical company’s stock, valued at approximately $24,034,000. Avid Bioservices makes up approximately 1.5% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 23rd biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Creative Planning increased its holdings in shares of Avid Bioservices by 49.4% in the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock worth $230,000 after buying an additional 6,672 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Avid Bioservices by 2.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock valued at $878,000 after purchasing an additional 1,800 shares during the last quarter. GSA Capital Partners LLP boosted its stake in Avid Bioservices by 97.3% during the third quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock worth $1,742,000 after buying an additional 75,473 shares during the period. Zions Bancorporation N.A. lifted its holdings in shares of Avid Bioservices by 23.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 104,326 shares of the biopharmaceutical company’s stock worth $1,187,000 after acquiring an additional 20,098 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Avid Bioservices by 7.8% during the 3rd quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock worth $8,981,000 after purchasing an additional 57,111 shares during the period. 97.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Avid Bioservices news, insider Richard A. Richieri sold 3,843 shares of Avid Bioservices stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the completion of the sale, the insider now directly owns 44,556 shares of the company’s stock, valued at $544,474.32. The trade was a 7.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel R. Hart sold 22,813 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 110,980 shares in the company, valued at $1,356,175.60. The trade was a 17.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 349,850 shares of company stock valued at $4,288,259. Corporate insiders own 3.05% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Stock Up 0.1 %

NASDAQ:CDMO opened at $12.50 on Friday. The stock has a fifty day simple moving average of $12.45 and a 200-day simple moving average of $11.64. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The company has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39. Avid Bioservices, Inc. has a twelve month low of $5.90 and a twelve month high of $12.51.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. Analysts anticipate that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Avid Bioservices Company Profile

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.