Avid Bioservices (NASDAQ:CDMO) Sets New 52-Week High - Time to Buy?

Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $12.51 and last traded at $12.50, with a volume of 3067700 shares traded. The stock had previously closed at $12.48.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CDMO shares. William Blair restated a "market perform" rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Stephens downgraded shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 4th. Craig Hallum cut shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $12.25.

Avid Bioservices Stock Up 0.1 %

The stock's fifty day moving average price is $12.37 and its 200 day moving average price is $11.38. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The stock has a market cap of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39.

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

Insider Buying and Selling

In other Avid Bioservices news, CFO Daniel R. Hart sold 22,813 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the sale, the chief financial officer now owns 110,980 shares of the company's stock, valued at $1,356,175.60. This represents a 17.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Richard A. Richieri sold 2,283 shares of the company's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the transaction, the insider now directly owns 49,535 shares of the company's stock, valued at approximately $612,747.95. This trade represents a 4.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 349,850 shares of company stock worth $4,288,259 in the last quarter. 3.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Picton Mahoney Asset Management bought a new position in shares of Avid Bioservices during the fourth quarter valued at approximately $6,793,000. Skandinaviska Enskilda Banken AB publ purchased a new position in Avid Bioservices during the 4th quarter valued at $801,000. Vestcor Inc bought a new position in Avid Bioservices in the 4th quarter worth $6,194,000. HighTower Advisors LLC lifted its position in shares of Avid Bioservices by 23.3% in the 4th quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company's stock worth $171,000 after purchasing an additional 2,620 shares during the period. Finally, AlphaQuest LLC boosted its stake in shares of Avid Bioservices by 890.5% during the 4th quarter. AlphaQuest LLC now owns 33,300 shares of the biopharmaceutical company's stock valued at $411,000 after purchasing an additional 29,938 shares in the last quarter. Institutional investors 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.