Stifel Financial Corp decreased its holdings in Avid Bioservices Inc (NASDAQ:CDMO) by 79.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,976 shares of the biopharmaceutical company’s stock after selling 143,243 shares during the quarter. Stifel Financial Corp’s holdings in Avid Bioservices were worth $139,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of CDMO. Sargent Investment Group LLC bought a new position in Avid Bioservices during the fourth quarter valued at about $2,274,000. Bank of New York Mellon Corp boosted its position in Avid Bioservices by 10.0% during the fourth quarter. Bank of New York Mellon Corp now owns 170,342 shares of the biopharmaceutical company’s stock worth $699,000 after purchasing an additional 15,459 shares during the period. New York State Common Retirement Fund boosted its position in Avid Bioservices by 38.9% during the fourth quarter. New York State Common Retirement Fund now owns 41,800 shares of the biopharmaceutical company’s stock worth $171,000 after purchasing an additional 11,700 shares during the period. AltraVue Capital LLC bought a new position in Avid Bioservices during the fourth quarter worth about $5,411,000. Finally, M&T Bank Corp boosted its position in Avid Bioservices by 18.8% during the fourth quarter. M&T Bank Corp now owns 42,059 shares of the biopharmaceutical company’s stock worth $172,000 after purchasing an additional 6,659 shares during the period. Institutional investors and hedge funds own 40.81% of the company’s stock.
Separately, Zacks Investment Research lowered shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research report on Thursday, February 21st.
Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Monday, March 11th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. Avid Bioservices had a negative net margin of 3.52% and a negative return on equity of 20.74%. The firm had revenue of $13.78 million for the quarter, compared to the consensus estimate of $13.43 million. As a group, research analysts predict that Avid Bioservices Inc will post -0.18 EPS for the current year.
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About Avid Bioservices
Avid Bioservices, Inc, a biologics contract development and manufacturing company, focuses on the development and current Good Manufacturing Practices (cGMP) manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, cGMP clinical, and commercial manufacturing services for the biotechnology and biopharmaceutical industries.
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