Avid Bioservices, Inc. (NASDAQ:CDMO) Receives Consensus Recommendation of “Hold” from Brokerages

Avid Bioservices, Inc. (NASDAQ:CDMO) has been assigned an average recommendation of “Hold” from the five ratings firms that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $13.63.

A number of research firms have issued reports on CDMO. Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, Stephens reiterated an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. The trade was a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 19,323 shares of company stock worth $194,208 in the last quarter. 3.05% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avid Bioservices

Several large investors have recently modified their holdings of the stock. Millennium Management LLC lifted its stake in Avid Bioservices by 15.8% in the second quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after purchasing an additional 695,512 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Avid Bioservices by 42.8% in the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company’s stock valued at $43,424,000 after buying an additional 1,142,756 shares during the period. Vanguard Group Inc. lifted its position in shares of Avid Bioservices by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock valued at $24,557,000 after buying an additional 47,315 shares during the last quarter. AltraVue Capital LLC grew its stake in shares of Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after acquiring an additional 239,343 shares during the period. Finally, Portolan Capital Management LLC increased its holdings in Avid Bioservices by 15.0% in the 3rd quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company’s stock worth $23,830,000 after acquiring an additional 273,212 shares during the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO opened at $12.35 on Friday. Avid Bioservices has a twelve month low of $4.07 and a twelve month high of $12.48. The stock’s 50 day moving average is $11.07 and its 200-day moving average is $9.84. 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 $787.81 million, a price-to-earnings ratio of -5.44 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $40.17 million for the quarter, compared to the consensus estimate 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 -0.38 EPS 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.