GABELLI & Co INVESTMENT ADVISERS INC. Makes New Investment in Avid Bioservices, Inc. (NASDAQ:CDMO)

GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in Avid Bioservices, Inc. (NASDAQ:CDMO) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 205,950 shares of the biopharmaceutical company’s stock, valued at approximately $2,543,000.

Other hedge funds have also modified their holdings of the company. R Squared Ltd purchased a new position in Avid Bioservices in the fourth quarter worth approximately $42,000. KLP Kapitalforvaltning AS acquired a new stake in Avid Bioservices during the 4th quarter worth $137,000. Raymond James Financial Inc. acquired a new position in Avid Bioservices in the 4th quarter valued at about $166,000. HighTower Advisors LLC lifted its position in Avid Bioservices by 23.3% in the fourth quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock valued at $171,000 after purchasing an additional 2,620 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Avid Bioservices in the fourth quarter valued at $179,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Trading Up 0.1 %

Shares of Avid Bioservices stock opened at $12.50 on Tuesday. The company has a 50-day moving average of $12.50 and a two-hundred day moving average of $12.00. The stock has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. Avid Bioservices, Inc. has a 12-month low of $6.23 and a 12-month high of $12.51.

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.