Avid Bioservices' (CDMO) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Avid Bioservices (NASDAQ:CDMO - Free Report) in a report issued on Thursday,Benzinga reports. They currently have a $12.50 price target on the biopharmaceutical company's stock, up from their prior price target of $12.00.

CDMO has been the topic of several other research reports. William Blair reiterated a "market perform" rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. Stephens restated an "overweight" rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. Finally, StockNews.com upgraded Avid Bioservices to a "sell" rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $13.63.

Avid Bioservices Price Performance

Avid Bioservices stock traded up $1.25 during mid-day trading on Thursday, reaching $12.23. 34,570,556 shares of the company were exchanged, compared to its average volume of 1,210,400. The company has a fifty day simple moving average of $10.51 and a 200-day simple moving average of $9.35. The firm has a market cap of $780.15 million, a PE ratio of -5.41 and a beta of 1.40. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. Avid Bioservices has a 12 month low of $4.07 and a 12 month high of $12.48.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last posted its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $39.50 million. As a group, equities research analysts expect that Avid Bioservices will post -0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the 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 completion of 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 19,323 shares of company stock worth $194,208 in the last 90 days. Insiders own 3.05% of the company's stock.

Institutional Trading of Avid Bioservices

A number of institutional investors and hedge funds have recently bought and sold shares of CDMO. Price T Rowe Associates Inc. MD increased its position in Avid Bioservices by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company's stock valued at $204,000 after purchasing an additional 1,649 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Avid Bioservices by 2.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company's stock worth $878,000 after buying an additional 1,800 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Avid Bioservices by 7.1% during 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 acquiring an additional 2,900 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Avid Bioservices by 28.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company's stock worth $98,000 after purchasing an additional 3,041 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Avid Bioservices during the third quarter valued at about $38,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

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.