Rangeley Capital LLC Takes $1.26 Million Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Rangeley Capital LLC bought a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 102,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,260,000. Avid Bioservices accounts for about 1.1% of Rangeley Capital LLC’s portfolio, making the stock its 24th largest position.

Other institutional investors have also recently bought and sold shares of the company. R Squared Ltd acquired a new position in Avid Bioservices in the 4th quarter worth $42,000. KLP Kapitalforvaltning AS bought a new position in shares of Avid Bioservices during the 4th quarter worth approximately $137,000. Raymond James Financial Inc. bought a new stake in shares of Avid Bioservices in the fourth quarter worth $166,000. HighTower Advisors LLC boosted its stake in shares of Avid Bioservices by 23.3% during the 4th quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock worth $171,000 after buying an additional 2,620 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Avid Bioservices in the 4th quarter valued at about $179,000. Institutional investors own 97.16% of the company’s stock.

Insider Transactions at Avid Bioservices

In other news, insider Richard A. Richieri sold 2,283 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $12.37, for a total value of $28,240.71. Following the completion of the transaction, the insider now owns 49,535 shares of the company’s stock, valued at approximately $612,747.95. This represents a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.05% of the stock is currently owned by insiders.

Avid Bioservices Stock Performance

CDMO opened at $12.50 on Thursday. The firm has a market cap of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. Avid Bioservices, Inc. has a 52-week low of $6.14 and a 52-week high of $12.51. The business’s fifty day moving average is $12.49 and its 200-day moving average is $11.93.

Wall Street Analysts Forecast Growth

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 analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, Avid Bioservices currently has a consensus rating of “Hold” and an average price target of $12.25.

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.