Brokerages Set Avid Bioservices, Inc. (NASDAQ:CDMO) Price Target at $13.50

Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) has been given a consensus rating of "Moderate Buy" by the five ratings firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $13.50.

Several analysts have recently issued reports on the stock. William Blair restated a "market perform" rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. Stephens reaffirmed an "overweight" rating and issued a $12.00 price objective on shares of Avid Bioservices in a research note on Tuesday, September 10th. Royal Bank of Canada boosted their target price on Avid Bioservices from $8.00 to $12.00 and gave the company an "outperform" rating in a research report on Tuesday, September 10th. Finally, StockNews.com upgraded Avid Bioservices to a "sell" rating in a research report on Tuesday, September 10th.

Insider Activity

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 226,653 shares of the company's stock, valued at approximately $2,277,862.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 19,323 shares of company stock valued at $194,208. 2.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avid Bioservices

Several large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its stake in shares of Avid Bioservices by 15.8% during the second quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company's stock valued at $36,411,000 after acquiring an additional 695,512 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Avid Bioservices by 1.3% in the first quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company's stock valued at $24,557,000 after acquiring an additional 47,315 shares in the last quarter. AltraVue Capital LLC lifted its stake in Avid Bioservices by 7.6% in the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company's stock worth $24,242,000 after acquiring an additional 239,343 shares during the period. 12 West Capital Management LP bought a new position in Avid Bioservices during the 1st quarter worth about $18,425,000. Finally, Point72 Asset Management L.P. increased its position in Avid Bioservices by 51.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company's stock valued at $19,086,000 after purchasing an additional 904,733 shares during the period. 97.16% of the stock is owned by hedge funds and other institutional investors.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO traded down $0.03 during mid-day trading on Wednesday, reaching $10.15. The stock had a trading volume of 195,127 shares, compared to its average volume of 1,072,587. The business's 50 day moving average price is $10.53 and its 200 day moving average price is $9.22. Avid Bioservices has a 1 year low of $4.07 and a 1 year high of $12.48. The company has a market cap of $645.35 million, a P/E ratio of -4.61 and a beta of 1.38. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last released its quarterly earnings data 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 business 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%. Research analysts expect that Avid Bioservices will post -0.29 EPS for the current fiscal year.

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.