ADAR1 Capital Management LLC Purchases Shares of 120,000 Avid Bioservices, Inc. (NASDAQ:CDMO)

ADAR1 Capital Management LLC bought a new position in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) in the 4th quarter, HoldingsChannel reports. The fund bought 120,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,482,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Yakira Capital Management Inc. bought a new position in shares of Avid Bioservices in the fourth quarter valued at approximately $2,588,000. Wells Fargo & Company MN lifted its stake in Avid Bioservices by 40.4% in the fourth quarter. Wells Fargo & Company MN now owns 34,058 shares of the biopharmaceutical company’s stock valued at $421,000 after purchasing an additional 9,792 shares during the last quarter. Rangeley Capital LLC bought a new position in Avid Bioservices during the fourth quarter valued at $1,260,000. Alliancebernstein L.P. increased its position in Avid Bioservices by 1,469.6% in the fourth quarter. Alliancebernstein L.P. now owns 1,186,003 shares of the biopharmaceutical company’s stock worth $14,647,000 after buying an additional 1,110,443 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Avid Bioservices by 1.9% during the 4th quarter. Wellington Management Group LLP now owns 220,444 shares of the biopharmaceutical company’s stock valued at $2,722,000 after buying an additional 4,113 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insiders Place Their Bets

In other Avid Bioservices news, insider Richard A. Richieri sold 2,283 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the transaction, the insider now directly owns 49,535 shares in the company, valued at $612,747.95. This trade represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.05% of the company’s stock.

Avid Bioservices Price Performance

Shares of NASDAQ CDMO opened at $12.50 on Monday. The stock has a fifty day moving average of $12.49 and a 200-day moving average of $11.95. 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, Inc. has a fifty-two week low of $6.23 and a fifty-two week high of $12.51. The stock has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39.

About Avid Bioservices

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.