Avid Bioservices (NASDAQ:CDMO) Reaches New 12-Month High – Still a Buy?

Avid Bioservices, Inc. (NASDAQ:CDMO) shares reached a new 52-week high on Thursday . The company traded as high as $12.51 and last traded at $12.50, with a volume of 3067700 shares trading hands. The stock had previously closed at $12.48.

Analysts Set New Price Targets

CDMO has been the topic of a number of research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Stephens lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Avid Bioservices presently has an average rating of “Hold” and an average price target of $12.25.

Avid Bioservices Trading Up 0.1 %

The stock has a market cap of $799.22 million, a PE ratio of -5.23 and a beta of 1.39. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The firm has a 50-day simple moving average of $12.36 and a 200-day simple moving average of $11.32.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative return on equity of 33.18% and a negative net margin of 101.07%. Equities analysts forecast that Avid Bioservices, Inc. will post -0.46 earnings per share for the current year.

Insider Buying and Selling

In other Avid Bioservices news, insider Richard A. Richieri sold 2,283 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $12.37, for a total value of $28,240.71. Following the completion of the transaction, the insider now owns 49,535 shares of the company’s stock, valued at $612,747.95. The trade was a 4.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel R. Hart sold 22,813 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the transaction, the chief financial officer now owns 110,980 shares of the company’s stock, valued at $1,356,175.60. This trade represents a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 349,850 shares of company stock valued at $4,288,259. Company insiders own 3.05% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

A number of large investors have recently modified their holdings of the company. Quest Partners LLC bought a new position in Avid Bioservices during the third quarter valued at approximately $38,000. R Squared Ltd bought a new position in shares of Avid Bioservices during the 4th quarter valued at $42,000. Entropy Technologies LP purchased a new position in Avid Bioservices in the 4th quarter worth $195,000. Glenmede Trust Co. NA lifted its stake in Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after purchasing an additional 4,812 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in Avid Bioservices during the fourth quarter valued at about $210,000. 97.16% of the stock is owned by hedge funds and other institutional investors.

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.