Alliancebernstein L.P. Buys 1,110,443 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Alliancebernstein L.P. grew its holdings in Avid Bioservices, Inc. (NASDAQ:CDMO) by 1,469.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,186,003 shares of the biopharmaceutical company’s stock after purchasing an additional 1,110,443 shares during the period. Alliancebernstein L.P. owned about 1.85% of Avid Bioservices worth $14,647,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. R Squared Ltd acquired a new stake in shares of Avid Bioservices during the 4th quarter worth $42,000. KLP Kapitalforvaltning AS bought a new position in shares of Avid Bioservices during the fourth quarter worth about $137,000. Raymond James Financial Inc. acquired a new stake in shares of Avid Bioservices during the fourth quarter worth $166,000. HighTower Advisors LLC boosted its stake in Avid Bioservices by 23.3% during the fourth quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock worth $171,000 after acquiring an additional 2,620 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Avid Bioservices in the 4th quarter valued at about $179,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Insider Buying and Selling

In other Avid Bioservices news, insider Richard A. Richieri sold 2,283 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the sale, the insider now directly owns 49,535 shares of the company’s stock, valued at $612,747.95. This represents a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.05% of the stock is currently owned by corporate insiders.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO opened at $12.50 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The stock’s fifty day simple moving average is $12.49 and its two-hundred day simple moving average is $11.96. Avid Bioservices, Inc. has a 1-year low of $6.23 and a 1-year 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.

Avid Bioservices 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.