Avid Bioservices’ (CDMO) Overweight Rating Reaffirmed at Stephens

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Stephens in a research note issued on Tuesday, Benzinga reports. They presently have a $12.00 price target on the biopharmaceutical company’s stock. Stephens’ price objective indicates a potential upside of 13.21% from the company’s current price.

Other analysts have also issued reports about the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $8.00 price objective on shares of Avid Bioservices in a research note on Wednesday, July 3rd. William Blair restated a “market perform” rating on shares of Avid Bioservices in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.50.

Avid Bioservices Price Performance

CDMO stock opened at $10.60 on Tuesday. 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 one year low of $4.07 and a one year high of $11.57. The firm has a market capitalization of $676.17 million, a PE ratio of -4.80 and a beta of 1.37. The firm has a 50-day moving average of $9.82 and a two-hundred day moving average of $8.31.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The firm had revenue of $42.98 million for the quarter, compared to analysts’ expectations of $42.60 million. On average, analysts forecast that Avid Bioservices will post -0.31 earnings per share for the current year.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the company’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total value 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 9,216 shares of company stock valued at $69,984. 2.39% of the stock is owned by insiders.

Hedge Funds Weigh In On Avid Bioservices

Hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. acquired a new position in shares of Avid Bioservices in the second quarter worth $38,000. Mather Group LLC. acquired a new position in Avid Bioservices during the first quarter worth $46,000. Point72 DIFC Ltd acquired a new position in Avid Bioservices during the second quarter worth $57,000. Oxford Asset Management LLP acquired a new position in Avid Bioservices during the fourth quarter worth $68,000. Finally, Principal Financial Group Inc. acquired a new position in Avid Bioservices during the second quarter worth $80,000. 97.16% of the stock is owned by institutional investors and hedge funds.

Avid Bioservices Company 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.