Avid Bioservices, Inc. (NASDAQ:CDMO) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) have been given a consensus rating of “Moderate Buy” by the five analysts that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $13.50.

Several equities analysts have recently weighed in on CDMO shares. Royal Bank of Canada raised their price objective on Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a report on Tuesday. Stephens restated an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research note on Tuesday. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Tuesday.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the sale, the chief executive officer now owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 9,216 shares of company stock worth $69,984 in the last quarter. 2.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avid Bioservices

Hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its stake in Avid Bioservices by 5.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock valued at $204,000 after buying an additional 1,649 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Avid Bioservices by 7.1% in 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 buying an additional 2,900 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake 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 purchasing an additional 3,041 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Avid Bioservices during the second quarter valued at about $38,000. Finally, Rhumbline Advisers increased its stake in Avid Bioservices by 6.1% during the second 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 during the period. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Stock Performance

CDMO traded up $1.54 during trading hours on Tuesday, hitting $10.49. The company’s stock had a trading volume of 2,249,229 shares, compared to its average volume of 1,136,678. The company has a 50-day simple moving average of $9.76 and a 200 day simple moving average of $8.29. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $669.16 million, a PE ratio of -4.75 and a beta of 1.37. Avid Bioservices has a fifty-two week low of $4.07 and a fifty-two week high of $11.57.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The business had revenue of $42.98 million for the quarter, compared to the consensus estimate of $42.60 million. As a group, sell-side analysts expect that Avid Bioservices will post -0.31 EPS for the current year.

Avid Bioservices Company Profile

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.