Analysts Set Avid Bioservices, Inc. (NASDAQ:CDMO) Price Target at $13.63

Avid Bioservices, Inc. (NASDAQ:CDMOGet Free Report) has received a consensus recommendation of “Hold” from the five research firms that are presently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $13.63.

A number of research firms have recently weighed in on CDMO. Stephens restated an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. StockNews.com raised Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th.

Get Our Latest Research Report on CDMO

Avid Bioservices Trading Up 0.2 %

Shares of CDMO stock opened at $12.33 on Friday. The stock has a market cap of $786.59 million, a price-to-earnings ratio of -5.43 and a beta of 1.40. The stock has a 50-day moving average of $11.06 and a 200-day moving average of $9.80. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $12.48.

Avid Bioservices (NASDAQ:CDMOGet Free Report) last released its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. On average, equities research analysts forecast that Avid Bioservices will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 19,323 shares of company stock worth $194,208 in the last 90 days. Insiders own 3.05% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Avid Bioservices by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock worth $204,000 after purchasing an additional 1,649 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Avid Bioservices by 2.4% during the third quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock valued at $878,000 after purchasing an additional 1,800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted 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 acquiring an additional 3,041 shares during the last quarter. Quest Partners LLC bought a new position in shares of Avid Bioservices in the 3rd quarter valued at about $38,000. Finally, Glenmede Trust Co. NA lifted its holdings in shares of Avid Bioservices by 37.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock valued at $199,000 after acquiring an additional 4,812 shares during the last quarter. 97.16% of the stock is owned by institutional investors.

Avid Bioservices Company Profile

(Get Free Report

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.

Further Reading

Analyst Recommendations for Avid Bioservices (NASDAQ:CDMO)

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