Avid Bioservices, Inc. (NASDAQ:CDMO) Receives $13.50 Consensus Target Price from Brokerages

Avid Bioservices, Inc. (NASDAQ:CDMO) has received a consensus recommendation of “Moderate Buy” from the five brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $13.50.

CDMO has been the topic of a number of research reports. Royal Bank of Canada upped their price objective on Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Stephens restated an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 19,323 shares of company stock worth $194,208 in the last ninety days. Corporate insiders own 3.05% of the company’s stock.

Institutional Trading of Avid Bioservices

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices during the second quarter valued at approximately $38,000. Point72 DIFC Ltd bought a new stake in shares of Avid Bioservices in the 2nd quarter worth $57,000. Principal Financial Group Inc. purchased a new stake in shares of Avid Bioservices in the second quarter valued at about $80,000. TradeLink Capital LLC bought a new position in shares of Avid Bioservices during the second quarter valued at about $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Avid Bioservices by 28.4% during the second 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. 97.16% of the stock is owned by institutional investors.

Avid Bioservices Price Performance

CDMO opened at $10.27 on Wednesday. The company has a fifty day moving average price of $10.49 and a two-hundred day moving average price of $9.25. Avid Bioservices has a 52 week low of $4.07 and a 52 week high of $12.48. The firm has a market capitalization of $655.12 million, a PE ratio of -4.52 and a beta of 1.38. 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 posted its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The company had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. As a group, analysts anticipate that Avid Bioservices will post -0.29 earnings per share for the current 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.