Avid Bioservices (NASDAQ:CDMO) Sees Unusually-High Trading Volume - Time to Buy?

Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) shares saw an uptick in trading volume on Tuesday . 1,396,716 shares were traded during trading, an increase of 4% from the previous session's volume of 1,348,639 shares.The stock last traded at $12.50 and had previously closed at $12.48.

Analysts Set New Price Targets

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

Avid Bioservices Trading Up 0.1 %

The business has a 50 day simple moving average of $12.37 and a 200 day simple moving average of $11.35. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 0.92. The company has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last announced its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates 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%. As a group, equities analysts forecast that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, insider Richard A. Richieri sold 2,283 shares of the business's stock in a transaction dated Friday, January 10th. The stock was 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 directly owns 49,535 shares of the company's stock, valued at approximately $612,747.95. The trade was a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas Stewart Green sold 100,000 shares of Avid Bioservices stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $12.28, for a total value of $1,228,000.00. Following the transaction, the chief executive officer now owns 51,653 shares in the company, valued at $634,298.84. This trade represents a 65.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 349,850 shares of company stock valued at $4,288,259. 3.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avid Bioservices

Several institutional investors have recently added to or reduced their stakes in CDMO. Quest Partners LLC acquired a new stake in shares of Avid Bioservices in the third quarter valued at approximately $38,000. R Squared Ltd acquired a new position in shares of Avid Bioservices during the 4th quarter worth about $42,000. Raymond James Financial Inc. bought a new position in shares of Avid Bioservices in the 4th quarter valued at about $166,000. HighTower Advisors LLC raised its holdings in Avid Bioservices by 23.3% during the fourth quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company's stock worth $171,000 after acquiring an additional 2,620 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in Avid Bioservices during the fourth quarter valued at approximately $195,000. 97.16% of the stock is owned by institutional investors.

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.