Avid Bioservices (NASDAQ:CDMO) Shares Gap Up – Here’s What Happened

Avid Bioservices, Inc. (NASDAQ:CDMO) shares gapped up before the market opened on Thursday . The stock had previously closed at $10.98, but opened at $12.28. Avid Bioservices shares last traded at $12.24, with a volume of 11,524,079 shares.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CDMO. Stephens restated an “overweight” rating and set a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Thursday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Stock Up 0.2 %

The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The business has a fifty day simple moving average of $10.58 and a two-hundred day simple moving average of $9.41. The company has a market cap of $782.07 million, a PE ratio of -5.40 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. As a group, equities research analysts predict that Avid Bioservices, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 19,323 shares of company stock worth $194,208. Company insiders own 3.05% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

Several hedge funds have recently modified their holdings of CDMO. Mirae Asset Global Investments Co. Ltd. increased its stake in Avid Bioservices by 7.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock valued at $293,000 after purchasing an additional 2,900 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of 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 buying an additional 104,573 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Avid Bioservices by 104.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock worth $412,000 after acquiring an additional 31,450 shares during the period. GSA Capital Partners LLP lifted its holdings in Avid Bioservices by 394.8% in the first quarter. GSA Capital Partners LLP now owns 92,695 shares of the biopharmaceutical company’s stock worth $621,000 after purchasing an additional 73,962 shares during the period. Finally, 12 West Capital Management LP bought a new position in Avid Bioservices during the 1st quarter valued at $18,425,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

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.