Avid Bioservices (NASDAQ:CDMO) Stock Rating Lowered by Stephens

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

A number of other research analysts have also issued reports on the company. Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $13.63.

Avid Bioservices Price Performance

Shares of NASDAQ CDMO opened at $12.29 on Wednesday. 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 fifty-two week low of $4.07 and a fifty-two week high of $12.48. The firm has a market capitalization of $783.98 million, a PE ratio of -5.41 and a beta of 1.44. The stock’s 50-day simple moving average is $11.18 and its 200-day simple moving average is $9.95.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $40.17 million for the quarter, compared to analyst estimates of $39.50 million. As a group, equities research analysts forecast that Avid Bioservices will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. This trade represents a 7.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 19,323 shares of company stock valued at $194,208 in the last quarter. Insiders own 3.05% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

A number of large investors have recently made changes to their positions in the company. Royce & Associates LP lifted its position in shares of Avid Bioservices by 7.8% in the third quarter. Royce & Associates LP now owns 789,227 shares of the biopharmaceutical company’s stock worth $8,981,000 after purchasing an additional 57,111 shares in the last quarter. Emerald Advisers LLC acquired a new position in Avid Bioservices in the 3rd quarter valued at approximately $16,489,000. GSA Capital Partners LLP lifted its position in Avid Bioservices by 97.3% in the 3rd quarter. GSA Capital Partners LLP now owns 153,070 shares of the biopharmaceutical company’s stock worth $1,742,000 after buying an additional 75,473 shares in the last quarter. Phocas Financial Corp. acquired a new stake in shares of Avid Bioservices during the 3rd quarter valued at $2,107,000. Finally, Fisher Asset Management LLC grew its holdings in shares of Avid Bioservices by 63.3% during the 3rd quarter. Fisher Asset Management LLC now owns 401,081 shares of the biopharmaceutical company’s stock valued at $4,564,000 after acquiring an additional 155,419 shares in the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Company Profile

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.