Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Down 6.7% in March

Avid Bioservices, Inc. (NASDAQ:CDMO) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 10,110,000 shares, a drop of 6.7% from the March 15th total of 10,840,000 shares. Based on an average daily volume of 1,330,000 shares, the short-interest ratio is presently 7.6 days.

Institutional Investors Weigh In On Avid Bioservices

A number of institutional investors have recently modified their holdings of the business. Macquarie Group Ltd. boosted its position in shares of Avid Bioservices by 0.5% in the second quarter. Macquarie Group Ltd. now owns 114,182 shares of the biopharmaceutical company’s stock valued at $1,743,000 after acquiring an additional 552 shares during the period. First Republic Investment Management Inc. boosted its position in shares of Avid Bioservices by 4.1% in the second quarter. First Republic Investment Management Inc. now owns 14,038 shares of the biopharmaceutical company’s stock valued at $214,000 after acquiring an additional 559 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Avid Bioservices by 3.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 23,876 shares of the biopharmaceutical company’s stock valued at $448,000 after acquiring an additional 693 shares during the period. State of Wyoming boosted its position in shares of Avid Bioservices by 34.9% in the second quarter. State of Wyoming now owns 3,864 shares of the biopharmaceutical company’s stock valued at $54,000 after acquiring an additional 999 shares during the period. Finally, Yousif Capital Management LLC boosted its position in shares of Avid Bioservices by 1.8% in the first quarter. Yousif Capital Management LLC now owns 61,215 shares of the biopharmaceutical company’s stock valued at $1,247,000 after acquiring an additional 1,070 shares during the period. Institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reiterated an “outperform” rating and issued a $7.00 price objective on shares of Avid Bioservices in a report on Thursday, March 7th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $14.25.

Avid Bioservices Stock Up 6.6 %

NASDAQ:CDMO opened at $7.25 on Wednesday. Avid Bioservices has a one year low of $4.07 and a one year high of $19.97. The firm’s fifty day moving average price is $7.05 and its two-hundred day moving average price is $6.66. The company has a current ratio of 1.35, a quick ratio of 0.85 and a debt-to-equity ratio of 0.81.

About Avid Bioservices

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.