Entropy Technologies LP Invests $195,000 in Avid Bioservices, Inc. (NASDAQ:CDMO)

Entropy Technologies LP bought a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,786 shares of the biopharmaceutical company’s stock, valued at approximately $195,000.

A number of other large investors also recently made changes to their positions in the company. Jennison Associates LLC bought a new position in shares of Avid Bioservices during the fourth quarter worth approximately $13,796,000. Tokio Marine Asset Management Co. Ltd. bought a new position in Avid Bioservices during the 4th quarter worth $7,320,000. R Squared Ltd bought a new position in Avid Bioservices during the 4th quarter worth $42,000. SG Americas Securities LLC increased its stake in Avid Bioservices by 27.2% during the 4th quarter. SG Americas Securities LLC now owns 31,556 shares of the biopharmaceutical company’s stock worth $390,000 after acquiring an additional 6,739 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in Avid Bioservices during the 4th quarter worth $308,000. Institutional investors own 97.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CDMO shares. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Royal Bank of Canada restated 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. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, Avid Bioservices currently has an average rating of “Hold” and an average price target of $12.25.

Avid Bioservices Trading Up 0.1 %

Shares of CDMO stock opened at $12.50 on Friday. The stock’s fifty day moving average price is $12.38 and its two-hundred day moving average price is $11.43. The company has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. Avid Bioservices, Inc. has a fifty-two week low of $5.90 and a fifty-two week high of $12.51. 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 (NASDAQ:CDMO) last issued its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. Equities analysts predict that Avid Bioservices, Inc. will post -0.46 EPS for the current fiscal year.

Insider Activity at Avid Bioservices

In related news, insider Richard A. Richieri sold 2,283 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $12.37, for a total transaction of $28,240.71. Following the completion of the transaction, the insider now directly owns 49,535 shares of the company’s stock, valued at $612,747.95. This trade represents a 4.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas Stewart Green sold 145,911 shares of the firm’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 of the company’s stock, valued at approximately $1,926,116.40. This represents a 48.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 349,850 shares of company stock valued at $4,288,259 in the last 90 days. 3.05% of the stock is owned by corporate insiders.

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.