Jennison Associates LLC Decreases Stock Holdings in Avid Bioservices, Inc. (NASDAQ:CDMO)

Jennison Associates LLC decreased its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 95.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,147 shares of the biopharmaceutical company’s stock after selling 2,169,738 shares during the quarter. Jennison Associates LLC owned about 0.16% of Avid Bioservices worth $657,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. CWM LLC raised its stake in Avid Bioservices by 3,125.0% during the fourth quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 6,500 shares in the last quarter. Advisor Partners II LLC purchased a new stake in Avid Bioservices during the third quarter valued at $98,000. Aigen Investment Management LP bought a new position in Avid Bioservices during the third quarter valued at $253,000. Fox Run Management L.L.C. bought a new position in Avid Bioservices during the third quarter valued at $267,000. Finally, Victory Capital Management Inc. increased its position in Avid Bioservices by 12.3% during the third quarter. Victory Capital Management Inc. now owns 29,634 shares of the biopharmaceutical company’s stock valued at $280,000 after acquiring an additional 3,235 shares during the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Trading Up 0.4 %

CDMO stock opened at $7.35 on Friday. The company has a current ratio of 0.46, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. Avid Bioservices, Inc. has a twelve month low of $4.07 and a twelve month high of $18.86. The firm’s fifty day simple moving average is $7.01 and its two-hundred day simple moving average is $6.53.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reiterated an “outperform” rating and set a $7.00 price objective on shares of Avid Bioservices in a research report on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Avid Bioservices has an average rating of “Moderate Buy” and an average price target of $14.25.

About Avid Bioservices

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.