Avid Bioservices (NASDAQ:CDMO) Shares Cross Above 200-Day Moving Average - Here's Why

Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $11.04 and traded as high as $12.47. Avid Bioservices shares last traded at $12.45, with a volume of 1,893,748 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CDMO. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a research note 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. Finally, Craig Hallum cut shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, Avid Bioservices currently has an average rating of "Hold" and an average price target of $12.25.

Avid Bioservices Stock Performance

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 50-day moving average of $12.31 and a 200-day moving average of $11.05. The company has a market capitalization of $796.30 million, a P/E ratio of -5.21 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last released its earnings results 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, sell-side analysts anticipate that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 145,911 shares of the firm's stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $1,783,032.42. Following the transaction, the chief executive officer now directly owns 157,620 shares of the company's stock, valued at approximately $1,926,116.40. This trade represents a 48.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Richard A. Richieri sold 2,283 shares of Avid Bioservices stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $12.37, for a total transaction of $28,240.71. Following the sale, the insider now directly owns 49,535 shares of the company's stock, valued at $612,747.95. This represents a 4.41 % decrease in their position. 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. 3.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. R Squared Ltd bought a new position in shares of Avid Bioservices during the 4th quarter worth $42,000. SG Americas Securities LLC grew its holdings in Avid Bioservices by 27.2% during the 4th quarter. SG Americas Securities LLC now owns 31,556 shares of the biopharmaceutical company's stock worth $390,000 after acquiring an additional 6,739 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in Avid Bioservices during the 4th quarter valued at about $308,000. Harbor Capital Advisors Inc. raised its holdings in shares of Avid Bioservices by 1.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,124,351 shares of the biopharmaceutical company's stock valued at $13,886,000 after purchasing an additional 11,759 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Avid Bioservices by 283.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company's stock worth $1,237,000 after purchasing an additional 80,308 shares during the period. 97.16% of the stock is currently owned by hedge funds and other 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.