Adage Capital Partners GP L.L.C. Invests $4.41 Million in Avid Bioservices, Inc. (NASDAQ:CDMO)

Adage Capital Partners GP L.L.C. acquired a new stake in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 357,041 shares of the biopharmaceutical company’s stock, valued at approximately $4,409,000.

Other institutional investors have also added to or reduced their stakes in the company. FIL Ltd bought a new stake in shares of Avid Bioservices during the 4th quarter valued at about $31,598,000. Alpine Associates Management Inc. purchased a new position in Avid Bioservices in the 4th quarter worth approximately $24,034,000. Water Island Capital LLC purchased a new stake in shares of Avid Bioservices during the 4th quarter valued at $19,715,000. Hsbc Holdings PLC bought a new stake in shares of Avid Bioservices during the 4th quarter worth $18,865,000. Finally, Jennison Associates LLC purchased a new position in Avid Bioservices in the fourth quarter worth $13,796,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Trading Up 0.1 %

Shares of CDMO stock opened at $12.50 on Wednesday. The business has a 50-day moving average price of $12.50 and a two-hundred day moving average price of $12.14. Avid Bioservices, Inc. has a 12-month low of $6.53 and a 12-month high of $12.51. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The firm has a market cap of $799.18 million, a P/E 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.