Avid Bioservices, Inc. (NASDAQ:CDMO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) have been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $13.50.

Several brokerages have commented on CDMO. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Royal Bank of Canada boosted their price target on Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Stephens reaffirmed an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a research note on Tuesday, September 10th. Finally, William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th.

Insider Activity

In related news, CEO Nicholas Stewart Green sold 7,657 shares of the business’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 sale, the chief executive officer now owns 212,314 shares in the company, valued at $1,600,847.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 9,216 shares of company stock worth $69,984. Insiders own 2.39% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

Several hedge funds have recently added to or reduced their stakes in CDMO. Millennium Management LLC increased its position in Avid Bioservices by 15.8% in the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after acquiring an additional 695,512 shares during the period. Vanguard Group Inc. grew its stake in shares of Avid Bioservices by 1.3% in the first quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock worth $24,557,000 after purchasing an additional 47,315 shares during the last quarter. AltraVue Capital LLC increased its holdings in Avid Bioservices by 7.6% in the second 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 position in Avid Bioservices during the 1st quarter worth $18,425,000. Finally, Point72 Asset Management L.P. lifted its holdings 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 worth $19,086,000 after buying an additional 904,733 shares during the period. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Stock Up 0.7 %

Shares of NASDAQ CDMO opened at $10.63 on Friday. The stock has a market capitalization of $678.09 million, a P/E ratio of -4.81 and a beta of 1.38. The stock’s fifty day moving average is $10.66 and its 200 day moving average is $8.77. Avid Bioservices has a 52 week low of $4.07 and a 52 week high of $12.48. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $40.17 million for the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Sell-side analysts forecast that Avid Bioservices will post -0.34 earnings per share for the current fiscal year.

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.