Kornitzer Capital Management Inc. KS Purchases 6,200 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Kornitzer Capital Management Inc. KS raised its position in Avid Bioservices, Inc. (NASDAQ:CDMO) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 771,700 shares of the biopharmaceutical company’s stock after purchasing an additional 6,200 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Avid Bioservices were worth $8,782,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of CDMO. Harbor Capital Advisors Inc. increased its position in shares of Avid Bioservices by 313.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock valued at $2,928,000 after buying an additional 310,921 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Avid Bioservices by 50.8% during the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock valued at $2,081,000 after purchasing an additional 104,573 shares in the last quarter. Emerald Advisers LLC acquired a new position in shares of Avid Bioservices in the 3rd quarter valued at approximately $16,489,000. Janney Montgomery Scott LLC increased its stake in Avid Bioservices by 104.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock worth $412,000 after purchasing an additional 31,450 shares in the last quarter. Finally, AltraVue Capital LLC lifted its stake in Avid Bioservices by 7.6% in the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after buying an additional 239,343 shares in the last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the transaction, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 19,323 shares of company stock worth $194,208 in the last ninety days. Insiders own 3.05% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CDMO shares. Royal Bank of Canada restated a “sector perform” rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday. StockNews.com raised Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Stephens reissued an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a research report on Tuesday, September 10th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Avid Bioservices currently has an average rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Stock Performance

Shares of NASDAQ CDMO opened at $12.24 on Friday. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. The stock has a 50 day moving average price of $10.54 and a 200 day moving average price of $9.37. The stock has a market capitalization of $780.79 million, a PE ratio of -5.39 and a beta of 1.40. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $12.48.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The business had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. Analysts predict that Avid Bioservices, Inc. will post -0.29 earnings per share for the current fiscal 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.