Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 1,449,049 shares were traded during trading, an increase of 19% from the previous session's volume of 1,218,095 shares.The stock last traded at $12.26 and had previously closed at $12.24.
Analyst Ratings Changes
Several analysts have commented on CDMO shares. StockNews.com upgraded Avid Bioservices to a "sell" rating in a research note on Tuesday, September 10th. Stephens reiterated an "overweight" rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. 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 note on Thursday. Finally, William Blair reiterated a "market perform" rating on shares of Avid Bioservices in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $13.63.
Check Out Our Latest Report on CDMO
Avid Bioservices Trading Up 0.2 %
The stock has a market capitalization of $782.13 million, a PE ratio of -5.40 and a beta of 1.40. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The stock has a 50 day moving average price of $10.58 and a 200-day moving average price of $9.41.
Avid Bioservices (NASDAQ:CDMO - Get Free Report) last released its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.01. The firm had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. Sell-side analysts expect that Avid Bioservices, Inc. will post -0.38 earnings per share for the current year.
Insider Transactions at Avid Bioservices
In other news, CEO Nicholas Stewart Green sold 17,173 shares of the firm's stock in a transaction on 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 directly owns 226,653 shares in the company, valued at $2,277,862.65. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold a total of 19,323 shares of company stock worth $194,208 in the last ninety days. Insiders own 3.05% of the company's stock.
Hedge Funds Weigh In On Avid Bioservices
Institutional investors and hedge funds have recently bought and sold shares of the stock. Quest Partners LLC purchased a new position in Avid Bioservices during the third quarter valued at $38,000. Meeder Asset Management Inc. bought a new stake in Avid Bioservices during the second quarter valued at about $38,000. Point72 DIFC Ltd bought a new stake in Avid Bioservices during the second quarter valued at about $57,000. Principal Financial Group Inc. bought a new stake in Avid Bioservices during the second quarter valued at about $80,000. Finally, TradeLink Capital LLC bought a new stake in Avid Bioservices during the second quarter valued at about $92,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.
Avid Bioservices Company Profile
(
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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.
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