Avid Bioservices (NASDAQ:CDMO) Trading 6.3% Higher

Avid Bioservices, Inc. (NASDAQ:CDMO)’s share price traded up 6.3% on Thursday . The company traded as high as $12.20 and last traded at $12.14. 197,712 shares traded hands during trading, a decline of 82% from the average session volume of 1,118,317 shares. The stock had previously closed at $11.42.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Royal Bank of Canada lifted their target price on shares of Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Stephens reiterated an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Avid Bioservices presently has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Avid Bioservices Stock Down 6.8 %

The stock has a market cap of $739.96 million, a P/E ratio of -5.25 and a beta of 1.37. 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 firm’s fifty day moving average is $10.36 and its 200 day moving average is $8.48.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.10). The company had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. As a group, equities research analysts forecast that Avid Bioservices, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

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 shares were sold at an average price of $7.54, for a total value of $57,733.78. Following the sale, the chief executive officer now directly owns 212,314 shares in the company, valued at approximately $1,600,847.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 9,216 shares of company stock worth $69,984 in the last ninety days. Insiders own 2.39% of the company’s stock.

Institutional Trading of Avid Bioservices

Several institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its position 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 valued at $204,000 after acquiring an additional 1,649 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Avid Bioservices by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock valued at $293,000 after acquiring an additional 2,900 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Avid Bioservices by 28.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after acquiring an additional 3,041 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Avid Bioservices during the 2nd quarter valued at about $38,000. Finally, Rhumbline Advisers boosted its position 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 valued at $676,000 after acquiring an additional 5,408 shares in the last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

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.