Royal Bank of Canada Sells 321,097 Shares of Avid Bioservices, Inc. (NASDAQ:CDMO)

Royal Bank of Canada reduced its holdings in shares of Avid Bioservices, Inc. (NASDAQ:CDMO) by 11.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,506,731 shares of the biopharmaceutical company’s stock after selling 321,097 shares during the period. Royal Bank of Canada’s holdings in Avid Bioservices were worth $30,959,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Avid Bioservices by 2.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,553 shares of the biopharmaceutical company’s stock worth $488,000 after buying an additional 899 shares during the last quarter. HighTower Advisors LLC raised 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 last quarter. MetLife Investment Management LLC raised its position in Avid Bioservices by 7.8% in the fourth quarter. MetLife Investment Management LLC now owns 38,018 shares of the biopharmaceutical company’s stock valued at $470,000 after purchasing an additional 2,767 shares during the last quarter. Zions Bancorporation N.A. raised its position in Avid Bioservices by 2.7% in the fourth quarter. Zions Bancorporation N.A. now owns 107,141 shares of the biopharmaceutical company’s stock valued at $1,323,000 after purchasing an additional 2,815 shares during the last quarter. Finally, Rhumbline Advisers raised its position in Avid Bioservices by 3.4% in the fourth quarter. Rhumbline Advisers now owns 94,700 shares of the biopharmaceutical company’s stock valued at $1,170,000 after purchasing an additional 3,121 shares during the last quarter. 97.16% of the stock is currently owned by institutional investors.

Avid Bioservices Price Performance

Avid Bioservices stock opened at $12.50 on Friday. 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 company has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. Avid Bioservices, Inc. has a 12 month low of $6.53 and a 12 month high of $12.51. The stock has a 50-day moving average price of $12.50 and a two-hundred day moving average price of $12.41.

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.