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

Avid Bioservices, Inc. (NASDAQ:CDMO) has been given an average recommendation of “Moderate Buy” by the five brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $13.50.

Several equities research analysts have recently weighed in on CDMO shares. Royal Bank of Canada boosted their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Stephens reaffirmed an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 7,657 shares of the firm’s stock in a transaction that occurred on 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 owns 212,314 shares of the company’s stock, valued at approximately $1,600,847.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 9,216 shares of company stock worth $69,984 over the last quarter. 2.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CDMO. Point72 Asset Management L.P. boosted its position 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 acquiring an additional 904,733 shares during the period. Millennium Management LLC raised its stake in shares of Avid Bioservices by 15.8% during 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 in the last quarter. Deerfield Management Company L.P. Series C lifted its holdings in Avid Bioservices by 73.5% in the second quarter. Deerfield Management Company L.P. Series C now owns 176,586 shares of the biopharmaceutical company’s stock worth $1,261,000 after purchasing an additional 74,797 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in Avid Bioservices by 515.5% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 67,542 shares of the biopharmaceutical company’s stock valued at $482,000 after buying an additional 56,568 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in Avid Bioservices by 112.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 341,311 shares of the biopharmaceutical company’s stock valued at $2,437,000 after buying an additional 180,692 shares during the period. 97.16% of the stock is owned by institutional investors and hedge funds.

Avid Bioservices Price Performance

CDMO stock opened at $11.16 on Tuesday. The stock’s 50 day moving average is $9.97 and its two-hundred day moving average is $8.35. Avid Bioservices has a 52-week low of $4.07 and a 52-week high of $11.57. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.31 and a current ratio of 1.46.

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