Avid Bioservices (NASDAQ:CDMO) Reaches New 52-Week High – Here’s What Happened

Avid Bioservices, Inc. (NASDAQ:CDMO) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $12.51 and last traded at $12.50, with a volume of 3067700 shares changing hands. The stock had previously closed at $12.48.

Wall Street Analyst Weigh In

Several brokerages have commented on CDMO. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Stephens lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.25.

Avid Bioservices Trading Up 0.1 %

The firm has a market capitalization of $799.18 million, a PE ratio of -5.23 and a beta of 1.39. The business’s 50-day moving average price is $12.36 and its 200-day moving average price is $11.33. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 0.92.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. As a group, analysts expect that Avid Bioservices, Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, insider Richard A. Richieri sold 3,843 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $46,961.46. Following the completion of the sale, the insider now owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. This trade represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel R. Hart sold 22,813 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $278,774.86. Following the transaction, the chief financial officer now owns 110,980 shares in the company, valued at $1,356,175.60. The trade was a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 349,850 shares of company stock worth $4,288,259 in the last three months. Insiders own 3.05% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

A number of institutional investors have recently made changes to their positions in CDMO. HighTower Advisors LLC raised its position in shares of Avid Bioservices by 23.3% in the fourth quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock valued at $171,000 after buying an additional 2,620 shares during the last quarter. AlphaQuest LLC lifted its stake in shares of Avid Bioservices by 890.5% during the 4th quarter. AlphaQuest LLC now owns 33,300 shares of the biopharmaceutical company’s stock worth $411,000 after purchasing an additional 29,938 shares during the period. Alpine Associates Management Inc. acquired a new stake in shares of Avid Bioservices during the fourth quarter worth $24,034,000. Raymond James Financial Inc. purchased a new stake in shares of Avid Bioservices in the fourth quarter valued at $166,000. Finally, Proficio Capital Partners LLC acquired a new position in Avid Bioservices in the fourth quarter valued at $210,000. 97.16% of the stock is owned by institutional investors and hedge funds.

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.