Avid Bioservices (NASDAQ:CDMO) Share Price Passes Above Two Hundred Day Moving Average of $8.16

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $8.16 and traded as high as $10.61. Avid Bioservices shares last traded at $10.36, with a volume of 320,970 shares traded.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reiterated an “outperform” rating and set a $8.00 price target on shares of Avid Bioservices in a research report on Wednesday, July 3rd. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Avid Bioservices currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Avid Bioservices Stock Up 1.4 %

The business has a 50-day moving average price of $9.35 and a 200-day moving average price of $8.16. The company has a market capitalization of $658.69 million, a price-to-earnings ratio of -4.69 and a beta of 1.36. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). The business had revenue of $42.98 million for the quarter, compared to analyst estimates of $42.60 million. Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. As a group, equities analysts anticipate that Avid Bioservices, Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 7,657 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total transaction of $57,733.78. Following the transaction, the chief executive officer now directly owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 9,216 shares of company stock valued at $69,984. Company insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CDMO. Millennium Management LLC boosted its stake in shares of Avid Bioservices by 15.8% during the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock worth $36,411,000 after acquiring an additional 695,512 shares in the last quarter. Vanguard Group Inc. boosted its stake in Avid Bioservices by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock valued at $24,557,000 after purchasing an additional 47,315 shares during the period. AltraVue Capital LLC boosted its stake in Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after purchasing an additional 239,343 shares during the period. 12 West Capital Management LP bought a new stake in Avid Bioservices during the 1st quarter valued at approximately $18,425,000. Finally, Point72 Asset Management L.P. boosted its stake in Avid Bioservices by 51.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after purchasing an additional 904,733 shares during the period. 97.16% of the stock is owned by institutional investors and hedge funds.

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.