Avid Bioservices (NASDAQ:CDMO) Stock Rating Lowered by Stephens

Stephens lowered shares of Avid Bioservices (NASDAQ:CDMO - Free Report) from a strong-buy rating to a hold rating in a research note released on Wednesday morning,Zacks.com reports.

Several other brokerages also recently issued reports on CDMO. William Blair reaffirmed a "market perform" rating on shares of Avid Bioservices in a report on Thursday, November 7th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. StockNews.com upgraded Avid Bioservices to a "sell" rating in a research report on Tuesday, September 10th. Finally, Craig Hallum lowered shares of Avid Bioservices from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $13.63.

Avid Bioservices Stock Down 0.1 %

Shares of NASDAQ:CDMO traded down $0.01 during trading on Wednesday, hitting $12.28. The company's stock had a trading volume of 744,101 shares, compared to its average volume of 1,331,716. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. The company has a market capitalization of $783.34 million, a PE ratio of -5.41 and a beta of 1.44. The business has a 50 day moving average price of $11.20 and a two-hundred day moving average price of $9.97. Avid Bioservices has a fifty-two week low of $4.07 and a fifty-two week high of $12.48.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last issued its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. The company had revenue of $40.17 million during the quarter, compared to analysts' expectations of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. As a group, research analysts expect that Avid Bioservices will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the firm's stock in a transaction on Thursday, October 10th. The shares were 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 7.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 19,323 shares of company stock valued at $194,208 over the last three months. 3.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avid Bioservices

A number of hedge funds have recently bought and sold shares of CDMO. Franklin Resources Inc. raised its stake in Avid Bioservices by 11.5% during the third quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company's stock valued at $692,000 after buying an additional 6,259 shares in the last quarter. Barclays PLC raised its position in shares of Avid Bioservices by 98.1% during the 3rd quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company's stock valued at $1,532,000 after acquiring an additional 66,653 shares in the last quarter. Geode Capital Management LLC lifted its stake in Avid Bioservices by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company's stock worth $16,688,000 after purchasing an additional 34,328 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Avid Bioservices by 7.7% in the third quarter. Wellington Management Group LLP now owns 216,331 shares of the biopharmaceutical company's stock worth $2,462,000 after purchasing an additional 15,541 shares during the period. Finally, Point72 DIFC Ltd increased its stake in Avid Bioservices by 12,530.9% during the third quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company's stock valued at $11,422,000 after purchasing an additional 995,707 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company's stock.

About Avid Bioservices

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.