Avid Bioservices (NASDAQ:CDMO) Stock Price Passes Above 200 Day Moving Average – Should You Sell?

Avid Bioservices, Inc. (NASDAQ:CDMO) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $9.17 and traded as high as $10.46. Avid Bioservices shares last traded at $10.10, with a volume of 383,426 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CDMO. Stephens reissued an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a report on Tuesday, September 10th. Royal Bank of Canada increased their price objective on Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Finally, William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Avid Bioservices Trading Up 1.0 %

The stock has a market cap of $642.17 million, a PE ratio of -4.57 and a beta of 1.38. The firm has a 50-day simple moving average of $10.58 and a 200-day simple moving average of $9.17. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $39.50 million. Equities analysts forecast that Avid Bioservices, Inc. will post -0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 19,323 shares of company stock worth $194,208. Corporate insiders own 2.39% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

A number of large investors have recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in Avid Bioservices by 15.8% during the second quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after purchasing an additional 695,512 shares in the last quarter. Vanguard Group Inc. raised its position in Avid Bioservices by 1.3% during the first quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock valued at $24,557,000 after purchasing an additional 47,315 shares in the last quarter. AltraVue Capital LLC raised its position in Avid Bioservices by 7.6% during the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after purchasing an additional 239,343 shares in the last quarter. 12 West Capital Management LP purchased a new stake in Avid Bioservices during the first quarter valued at about $18,425,000. Finally, Point72 Asset Management L.P. grew its stake in shares of Avid Bioservices by 51.2% during the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after buying an additional 904,733 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.