Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $12.50 and last traded at $12.49, with a volume of 207210 shares traded. The stock had previously closed at $12.46.
Wall Street Analysts Forecast Growth
CDMO has been the topic of a number of research analyst reports. William Blair reissued a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. Stephens cut shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 4th. 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, Royal Bank of Canada reiterated a "sector perform" rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat.com, Avid Bioservices currently has an average rating of "Hold" and a consensus target price of $12.25.
Get Our Latest Stock Analysis on Avid Bioservices
Avid Bioservices Trading Up 0.1 %
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 business has a fifty day moving average of $12.35 and a 200-day moving average of $11.29. The stock has a market capitalization of $798.86 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 quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. On average, equities analysts anticipate that Avid Bioservices, Inc. will post -0.46 earnings per share for the current fiscal 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 transaction of $28,240.71. Following the sale, the insider now owns 49,535 shares in the company, valued at approximately $612,747.95. The trade was a 4.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel R. Hart sold 22,813 shares of the firm's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $278,774.86. Following the completion of the transaction, the chief financial officer now owns 110,980 shares of the company's stock, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 349,850 shares of company stock valued at $4,288,259. Corporate insiders own 3.05% of the company's stock.
Institutional Investors Weigh In On Avid Bioservices
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Emerald Advisers LLC acquired a new stake in shares of Avid Bioservices during the 3rd quarter valued at about $16,489,000. Point72 Asset Management L.P. raised its holdings in Avid Bioservices by 42.8% during the third quarter. Point72 Asset Management L.P. now owns 3,815,806 shares of the biopharmaceutical company's stock valued at $43,424,000 after buying an additional 1,142,756 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Avid Bioservices during the 4th quarter worth about $13,796,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Avid Bioservices during the 3rd quarter valued at about $11,953,000. Finally, Point72 DIFC Ltd lifted its holdings in Avid Bioservices by 12,530.9% in the 3rd quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company's stock worth $11,422,000 after purchasing an additional 995,707 shares during the last quarter. Hedge funds and other institutional investors own 97.16% of the company's stock.
Avid Bioservices Company Profile
(
Get Free Report)
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.
Further Reading
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