Avid Bioservices (NASDAQ:CDMO) Stock Crosses Above 200 Day Moving Average of $7.25

Avid Bioservices, Inc. (NASDAQ:CDMO) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $7.25 and traded as high as $7.74. Avid Bioservices shares last traded at $7.39, with a volume of 521,726 shares trading hands.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reaffirmed an “outperform” rating and set a $8.00 price objective on shares of Avid Bioservices in a report on Wednesday, July 3rd. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $12.67.

Avid Bioservices Trading Up 4.0 %

The firm has a fifty day moving average price of $7.98 and a 200-day moving average price of $7.25. The company has a market capitalization of $528.99 million, a P/E ratio of -3.82 and a beta of 1.36. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.46 and a quick ratio of 0.31.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The company had revenue of $33.82 million for the quarter, compared to the consensus estimate of $33.80 million. On average, equities research analysts anticipate that Avid Bioservices, Inc. will post -0.31 earnings per share for the current year.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction that occurred 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 owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 25,803 shares of company stock worth $192,142. Company insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Hedge funds have recently made changes to their positions in the stock. CWM LLC lifted its stake in Avid Bioservices by 3,125.0% in the 4th quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 6,500 shares in the last quarter. Mather Group LLC. purchased a new position in Avid Bioservices during the first quarter worth about $46,000. Oxford Asset Management LLP bought a new position in Avid Bioservices in the 4th quarter worth about $68,000. Evoke Wealth LLC bought a new stake in shares of Avid Bioservices during the 4th quarter valued at about $125,000. Finally, E Fund Management Co. Ltd. purchased a new position in shares of Avid Bioservices during the fourth quarter worth about $132,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

About Avid Bioservices

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.