Avid Bioservices (NASDAQ:CDMO) Cut to Hold at Stephens

Stephens downgraded shares of Avid Bioservices (NASDAQ:CDMO) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts also recently commented on CDMO. Royal Bank of Canada restated a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $13.63.

Avid Bioservices Stock Down 0.1 %

Shares of NASDAQ CDMO opened at $12.28 on Wednesday. The company’s 50 day moving average price is $11.20 and its 200-day moving average price is $9.97. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. Avid Bioservices has a 52-week low of $4.07 and a 52-week high of $12.48. The company has a market capitalization of $783.34 million, a P/E ratio of -5.41 and a beta of 1.44.

Avid Bioservices (NASDAQ:CDMO) 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%. Equities analysts forecast that Avid Bioservices will post -0.38 earnings per share for the current year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This represents a 7.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 19,323 shares of company stock valued at $194,208. Corporate insiders own 3.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Quest Partners LLC purchased a new stake in shares of Avid Bioservices in the 3rd quarter worth about $38,000. Meeder Asset Management Inc. bought a new position in shares of Avid Bioservices in the 2nd quarter worth about $38,000. Point72 DIFC Ltd purchased a new position in Avid Bioservices during the 2nd quarter valued at about $57,000. Principal Financial Group Inc. purchased a new stake in Avid Bioservices in the second quarter worth about $80,000. Finally, TradeLink Capital LLC bought a new position in shares of Avid Bioservices during the second quarter valued at approximately $92,000. 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.