Kornitzer Capital Management Inc. KS Has $9.45 Million Stock Position in Avid Bioservices, Inc. (NASDAQ:CDMO)

Kornitzer Capital Management Inc. KS cut its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMOFree Report) by 0.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 765,500 shares of the biopharmaceutical company’s stock after selling 6,200 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Avid Bioservices were worth $9,454,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Quest Partners LLC bought a new position in Avid Bioservices during the 3rd quarter worth approximately $38,000. R Squared Ltd bought a new position in Avid Bioservices during the 4th quarter worth approximately $42,000. Entropy Technologies LP bought a new position in Avid Bioservices during the 4th quarter worth approximately $195,000. Glenmede Trust Co. NA boosted its stake in Avid Bioservices by 37.9% during the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after acquiring an additional 4,812 shares during the last quarter. Finally, Creative Planning boosted its stake in Avid Bioservices by 49.4% during the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock worth $230,000 after acquiring an additional 6,672 shares during the last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 75,000 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $12.31, for a total transaction of $923,250.00. Following the transaction, the chief executive officer now directly owns 151,653 shares in the company, valued at approximately $1,866,848.43. This represents a 33.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel R. Hart sold 22,813 shares of the stock in a transaction that occurred 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 owns 110,980 shares in the company, valued at $1,356,175.60. The trade was a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 349,850 shares of company stock worth $4,288,259 over the last ninety days. Insiders own 3.05% of the company’s stock.

Avid Bioservices Trading Up 0.1 %

Shares of Avid Bioservices stock opened at $12.50 on Wednesday. Avid Bioservices, Inc. has a 52-week low of $5.90 and a 52-week high of $12.51. The firm has a 50-day moving average of $12.39 and a 200-day moving average of $11.47. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. The stock has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39.

Avid Bioservices (NASDAQ:CDMOGet Free Report) last issued its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. As a group, sell-side analysts forecast that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on CDMO. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, William Blair restated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. One equities research 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, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.25.

View Our Latest Stock Report on CDMO

About Avid Bioservices

(Free Report)

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.

See Also

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

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