Avid Bioservices (NASDAQ:CDMO) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Avid Bioservices (NASDAQ:CDMO) in a research note published on Wednesday, Benzinga reports. They currently have a $8.00 target price on the biopharmaceutical company’s stock.

Avid Bioservices Price Performance

CDMO stock opened at $7.70 on Wednesday. The firm has a 50 day moving average of $7.99 and a 200-day moving average of $7.21. The company has a market cap of $488.80 million, a price-to-earnings ratio of -28.52 and a beta of 1.36. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $14.27.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The firm had revenue of $33.82 million during the quarter, compared to analysts’ expectations of $33.80 million. Avid Bioservices had a negative net margin of 13.10% and a negative return on equity of 8.78%. As a group, equities analysts expect that Avid Bioservices will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 11,762 shares of Avid Bioservices stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total transaction of $87,038.80. Following the completion of the transaction, the chief executive officer now owns 203,606 shares in the company, valued at $1,506,684.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 17,236 shares of company stock worth $127,546 in the last three months. Corporate insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Several hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in shares of Avid Bioservices by 72.9% during the third quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock valued at $10,981,000 after acquiring an additional 490,569 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Avid Bioservices by 0.3% during the third quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock worth $41,791,000 after buying an additional 13,190 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Avid Bioservices in the fourth quarter valued at approximately $370,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Avid Bioservices by 19.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,761 shares of the biopharmaceutical company’s stock valued at $265,000 after buying an additional 6,745 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in Avid Bioservices during the fourth quarter worth approximately $2,090,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Company Profile

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.