Avid Bioservices (NASDAQ:CDMO) Trading Down 2.5%

Avid Bioservices, Inc. (NASDAQ:CDMO)’s stock price dropped 2.5% on Wednesday . The stock traded as low as $11.20 and last traded at $11.20. Approximately 34,751 shares changed hands during trading, a decline of 97% from the average daily volume of 1,119,315 shares. The stock had previously closed at $11.49.

Analyst Ratings Changes

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

Avid Bioservices Trading Down 2.3 %

The business’s 50 day simple moving average is $10.13 and its 200 day simple moving average is $8.41. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 0.31. The company has a market capitalization of $714.01 million, a price-to-earnings ratio of -5.08 and a beta of 1.37.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate 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 company had revenue of $42.98 million for the quarter, compared to analysts’ expectations of $42.60 million. Research analysts anticipate that Avid Bioservices, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 212,314 shares of the company’s stock, valued at approximately $1,600,847.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 9,216 shares of company stock valued at $69,984 over the last three months. 2.39% of the stock is currently owned by company insiders.

Institutional Trading of Avid Bioservices

Hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC lifted its position 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 period. Vanguard Group Inc. lifted its holdings in shares of Avid Bioservices by 1.3% in 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 period. AltraVue Capital LLC boosted its stake in shares of 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 buying an additional 239,343 shares in the last quarter. 12 West Capital Management LP acquired a new position in Avid Bioservices during the first quarter worth $18,425,000. Finally, Point72 Asset Management L.P. raised its position in Avid Bioservices by 51.2% in the second 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 in the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.

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.