Avid Bioservices (NASDAQ:CDMO) Shares Up 6.3%

Avid Bioservices, Inc. (NASDAQ:CDMO) shares rose 6.3% during trading on Thursday . The company traded as high as $12.20 and last traded at $12.14. Approximately 197,712 shares were traded during trading, a decline of 82% from the average daily volume of 1,118,317 shares. The stock had previously closed at $11.42.

Wall Street Analysts Forecast Growth

CDMO has been the topic of several research analyst reports. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. Royal Bank of Canada increased their price target on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Stephens restated an “overweight” rating and set a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Avid Bioservices currently has a consensus rating of “Moderate Buy” and an average price target of $13.50.

Avid Bioservices Stock Up 9.0 %

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

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results 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 101.26% and a negative return on equity of 16.53%. The business had revenue of $42.98 million for the quarter, compared to analysts’ expectations of $42.60 million. Research analysts predict that Avid Bioservices, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the stock in a transaction that occurred 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 9,216 shares of company stock valued at $69,984. Corporate insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

A number of institutional investors have recently added to or reduced their stakes in CDMO. Meeder Asset Management Inc. purchased a new stake in shares of Avid Bioservices during the 2nd quarter valued at $38,000. Mather Group LLC. bought a new stake in Avid Bioservices in the first quarter valued at $46,000. Point72 DIFC Ltd purchased a new position in Avid Bioservices during the 2nd quarter valued at $57,000. Oxford Asset Management LLP purchased a new position in Avid Bioservices during the 4th quarter valued at $68,000. Finally, Principal Financial Group Inc. bought a new position in Avid Bioservices in the 2nd quarter worth $80,000. 97.16% of the stock is currently owned by institutional investors.

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.