Avid Bioservices (NASDAQ:CDMO) Earns Market Perform Rating from William Blair

William Blair restated their market perform rating on shares of Avid Bioservices (NASDAQ:CDMO) in a research report report published on Thursday,Benzinga reports.

Several other research firms have also recently commented on CDMO. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a research report on Thursday. Stephens restated an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, StockNews.com upgraded Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Stock Performance

CDMO opened at $12.26 on Thursday. Avid Bioservices has a one year low of $4.07 and a one year high of $12.48. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The business has a 50 day simple moving average of $10.58 and a two-hundred day simple moving average of $9.41.

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

Insider Buying and Selling

In other news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 19,323 shares of company stock valued at $194,208 over the last quarter. Corporate insiders own 3.05% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. 12 West Capital Management LP purchased a new stake in shares of Avid Bioservices in the first quarter worth $18,425,000. Emerald Advisers LLC bought a new position in Avid Bioservices in the 3rd quarter worth about $16,489,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Avid Bioservices during the 3rd quarter valued at about $11,953,000. Point72 Asset Management L.P. increased its stake 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 valued at $19,086,000 after purchasing an additional 904,733 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Avid Bioservices by 5,631.6% in the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after buying an additional 713,523 shares during 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.