Recent Investment Analysts’ Ratings Updates for Avid Bioservices (CDMO)

A number of research firms have changed their ratings and price targets for Avid Bioservices (NASDAQ: CDMO):

• 9/10/2024 – Avid Bioservices was upgraded by analysts at StockNews.com to a “sell” rating.
• 9/10/2024 – Avid Bioservices had its “overweight” rating reaffirmed by analysts at Stephens. They now have a $12.00 price target on the stock.
• 9/10/2024 – Avid Bioservices had its price target raised by analysts at Royal Bank of Canada from $8.00 to $12.00. They now have an “outperform” rating on the stock.
• 9/10/2024 – Avid Bioservices had its “market perform” rating reaffirmed by analysts at William Blair.

Avid Bioservices Stock Down 1.9 %

NASDAQ CDMO traded down $0.22 during mid-day trading on Tuesday, reaching $11.16. The stock had a trading volume of 3,353 shares, compared to its average volume of 1,129,183. The stock has a market cap of $711.90 million, a PE ratio of -5.05 and a beta of 1.37. Avid Bioservices, Inc. has a 1 year low of $4.07 and a 1 year high of $12.48. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The company has a fifty day moving average price of $10.59 and a 200 day moving average price of $8.68.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $42.98 million for the quarter, compared to the consensus estimate of $42.60 million. On average, research analysts expect that Avid Bioservices, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total transaction of $57,733.78. Following the completion of the transaction, the chief executive officer now directly owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 9,216 shares of company stock worth $69,984. Company insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in shares of Avid Bioservices by 27.1% in the fourth quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock worth $9,612,000 after buying an additional 315,600 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Avid Bioservices by 50.8% during the first quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock valued at $2,081,000 after purchasing an additional 104,573 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Avid Bioservices by 313.7% during the second quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock valued at $2,928,000 after purchasing an additional 310,921 shares during the period. Rafferty Asset Management LLC grew its holdings in Avid Bioservices by 96.6% during the fourth quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company’s stock valued at $2,478,000 after purchasing an additional 187,280 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in Avid Bioservices by 104.5% in the first quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock worth $412,000 after buying an additional 31,450 shares in the last quarter. Institutional investors own 97.16% of the company’s stock.

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.