Avid Bioservices, Inc. (NASDAQ:CDMO) Receives $13.63 Consensus Target Price from Analysts

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) have been given a consensus rating of "Hold" by the five analysts that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $13.63.

Several research analysts have recently issued reports on the company. StockNews.com raised Avid Bioservices to a "sell" rating in a research report on Tuesday, September 10th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens restated an "overweight" rating and set a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. Craig Hallum lowered shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. Finally, William Blair reiterated a "market perform" rating on shares of Avid Bioservices in a research note on Thursday, November 7th.

Avid Bioservices Stock Up 0.4 %

Shares of NASDAQ CDMO traded up $0.05 during midday trading on Friday, hitting $12.30. The company's stock had a trading volume of 2,222,738 shares, compared to its average volume of 3,799,603. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The firm has a market capitalization of $784.62 million, a price-to-earnings ratio of -5.42 and a beta of 1.40. The business's fifty day simple moving average is $11.02 and its two-hundred day simple moving average is $9.74. Avid Bioservices has a 1 year low of $4.07 and a 1 year high of $12.48.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last issued its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The company had revenue of $40.17 million during the quarter, compared to analysts' expectations of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. On average, equities analysts predict that Avid Bioservices will post -0.38 EPS for the current year.

Insider Buying and Selling at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the business's stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. The trade was a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 19,323 shares of company stock valued at $194,208. Company insiders own 3.05% of the company's stock.

Institutional Trading of Avid Bioservices

Institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its stake in Avid Bioservices by 15.8% during the second quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company's stock valued at $36,411,000 after buying an additional 695,512 shares in the last quarter. Point72 Asset Management L.P. increased its position in Avid Bioservices by 42.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company's stock worth $43,424,000 after purchasing an additional 1,142,756 shares during the last quarter. Vanguard Group Inc. raised its position in Avid Bioservices by 1.3% during the first quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company's stock valued at $24,557,000 after acquiring an additional 47,315 shares in the last quarter. AltraVue Capital LLC raised its holdings in shares of Avid Bioservices by 7.6% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company's stock valued at $24,242,000 after purchasing an additional 239,343 shares in the last quarter. Finally, Portolan Capital Management LLC boosted its holdings in Avid Bioservices by 15.0% in the third quarter. Portolan Capital Management LLC now owns 2,093,991 shares of the biopharmaceutical company's stock worth $23,830,000 after purchasing an additional 273,212 shares in the last quarter. 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.