Harbor Capital Advisors Inc. Raises Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Harbor Capital Advisors Inc. boosted its stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,124,351 shares of the biopharmaceutical company’s stock after purchasing an additional 11,759 shares during the quarter. Avid Bioservices comprises 0.6% of Harbor Capital Advisors Inc.’s holdings, making the stock its 25th largest holding. Harbor Capital Advisors Inc.’s holdings in Avid Bioservices were worth $13,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Royce & Associates LP raised its stake in Avid Bioservices by 7.8% in the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock valued at $8,981,000 after buying an additional 57,111 shares during the last quarter. Emerald Advisers LLC purchased a new position in shares of Avid Bioservices in the 3rd quarter valued at approximately $16,489,000. GSA Capital Partners LLP boosted its stake in Avid Bioservices by 97.3% in the 3rd quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock worth $1,742,000 after purchasing an additional 75,473 shares in the last quarter. Phocas Financial Corp. acquired a new position in Avid Bioservices during the 3rd quarter valued at approximately $2,107,000. Finally, Barclays PLC raised its holdings in shares of Avid Bioservices by 98.1% in the third quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock worth $1,532,000 after buying an additional 66,653 shares during the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Insider Activity

In other news, CFO Daniel R. Hart sold 22,813 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nicholas Stewart Green sold 145,911 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $1,783,032.42. Following the transaction, the chief executive officer now directly owns 157,620 shares in the company, valued at $1,926,116.40. This trade represents a 48.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 347,686 shares of company stock worth $4,261,227 over the last three months. 3.05% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CDMO shares. Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $12.25.

Avid Bioservices Price Performance

Shares of CDMO stock traded up $0.01 during mid-day trading on Friday, hitting $12.39. 482,202 shares of the stock were exchanged, compared to its average volume of 1,090,908. Avid Bioservices, Inc. has a 52-week low of $5.90 and a 52-week high of $12.48. The company has a quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The company has a market cap of $792.50 million, a PE ratio of -5.18 and a beta of 1.40. The firm has a fifty day moving average of $12.14 and a 200 day moving average of $10.70.

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.