Avid Bioservices (NASDAQ:CDMO) Sets New 12-Month High at $11.71

Avid Bioservices, Inc. (NASDAQ:CDMO)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $11.71 and last traded at $11.54, with a volume of 75045 shares changing hands. The stock had previously closed at $11.29.

Analysts Set New Price Targets

CDMO has been the topic of several research reports. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Stephens reissued an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, Royal Bank of Canada boosted their price objective on Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $13.50.

Avid Bioservices Price Performance

The firm has a market capitalization of $728.00 million, a price-to-earnings ratio of -5.32 and a beta of 1.37. The company’s 50 day moving average is $10.05 and its 200 day moving average is $8.38. The company has a quick ratio of 0.31, a current ratio of 1.46 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $42.60 million. On average, equities research analysts anticipate that Avid Bioservices, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total transaction of $57,733.78. Following the transaction, the chief executive officer now owns 212,314 shares in the company, valued at approximately $1,600,847.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 9,216 shares of company stock worth $69,984. Company insiders own 2.39% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

A number of large investors have recently bought and sold shares of CDMO. Price T Rowe Associates Inc. MD lifted its holdings in shares of Avid Bioservices by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock worth $204,000 after acquiring an additional 1,649 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted 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 worth $293,000 after purchasing an additional 2,900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Avid Bioservices by 28.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after purchasing an additional 3,041 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Avid Bioservices in the 2nd quarter valued at $38,000. Finally, Rhumbline Advisers raised its holdings in shares of Avid Bioservices by 6.1% during the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock worth $676,000 after buying an additional 5,408 shares in the last quarter. 97.16% of the stock is currently 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.