Shares of Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $10.98, but opened at $12.28. Avid Bioservices shares last traded at $12.24, with a volume of 11,524,079 shares changing hands.
Analyst Upgrades and Downgrades
CDMO has been the topic of several analyst reports. StockNews.com upgraded Avid Bioservices to a "sell" rating in a research note on Tuesday, September 10th. Stephens reissued an "overweight" rating and issued a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. Royal Bank of Canada reissued a "sector perform" rating and issued a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a report on Thursday. Finally, William Blair reissued a "market perform" rating on shares of Avid Bioservices in a report on Thursday. One investment 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.com, the company has a consensus rating of "Hold" and a consensus target price of $13.63.
Get Our Latest Analysis on Avid Bioservices
Avid Bioservices Stock Performance
The firm has a fifty day simple moving average of $10.54 and a 200-day simple moving average of $9.37. 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 market cap of $780.79 million, a price-to-earnings ratio of -5.39 and a beta of 1.40.
Avid Bioservices (NASDAQ:CDMO - Get Free Report) last posted its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. Analysts forecast that Avid Bioservices, Inc. will post -0.29 EPS for the current fiscal year.
Insiders Place Their Bets
In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the company's stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares of the company's stock, valued at approximately $2,277,862.65. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. acquired a new position in shares of Avid Bioservices in the 2nd quarter valued at $38,000. Quest Partners LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter valued at $38,000. Point72 DIFC Ltd bought a new stake in shares of Avid Bioservices in the 2nd quarter valued at $57,000. Principal Financial Group Inc. bought a new stake in shares of Avid Bioservices in the 2nd quarter valued at $80,000. Finally, TradeLink Capital LLC bought a new stake in shares of Avid Bioservices in the 2nd quarter valued at $92,000. Institutional investors and hedge funds own 97.16% of the company's stock.
About Avid Bioservices
(
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.
See Also
Before you consider Avid Bioservices, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Avid Bioservices wasn't on the list.
While Avid Bioservices currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link below and we'll send you MarketBeat's guide to investing in electric vehicle technologies (EV) and which EV stocks show the most promise.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
