Avid Bioservices (NASDAQ:CDMO) Sets New 1-Year High at $11.71

Avid Bioservices, Inc. (NASDAQ:CDMO) reached a new 52-week high on Tuesday . The company traded as high as $11.71 and last traded at $11.54, with a volume of 75045 shares trading hands. The stock had previously closed at $11.29.

Analyst Ratings Changes

Several analysts recently commented on the company. Stephens reaffirmed an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. Royal Bank of Canada boosted their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. Finally, StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Avid Bioservices has an average rating of “Moderate Buy” and an average target price of $13.50.

Avid Bioservices Price Performance

The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The firm has a market capitalization of $794.19 million, a PE ratio of -5.58 and a beta of 1.37. The stock has a 50-day moving average price of $10.21 and a 200 day moving average price of $8.43.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). The company had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Equities analysts forecast that Avid Bioservices, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total value of $57,733.78. Following the sale, the chief executive officer now directly owns 212,314 shares in the company, valued at approximately $1,600,847.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 9,216 shares of company stock worth $69,984 in the last 90 days. Insiders own 2.39% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDMO. Price T Rowe Associates Inc. MD lifted its stake in shares of Avid Bioservices by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock worth $204,000 after buying an additional 1,649 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Avid Bioservices by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock worth $293,000 after purchasing an additional 2,900 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Avid Bioservices by 28.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after purchasing an additional 3,041 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Avid Bioservices in the second quarter valued at approximately $38,000. Finally, Rhumbline Advisers increased its holdings in shares of Avid Bioservices by 6.1% in the second quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock valued at $676,000 after purchasing an additional 5,408 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

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.