William Blair Reaffirms Market Perform Rating for Avid Bioservices (NASDAQ:CDMO)

Avid Bioservices (NASDAQ:CDMO - Get Free Report)'s stock had its "market perform" rating reissued by stock analysts at William Blair in a research note issued on Thursday,Benzinga reports.

CDMO has been the topic of a number of other reports. StockNews.com raised Avid Bioservices to a "sell" rating in a research report 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. 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 research report on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $13.63.

Avid Bioservices Trading Up 11.4 %

Shares of CDMO stock traded up $1.25 during trading hours on Thursday, reaching $12.23. 34,570,556 shares of the stock traded hands, compared to its average volume of 1,210,400. The business has a fifty day moving average price of $10.51 and a 200 day moving average price of $9.35. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $12.48. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The firm has a market capitalization of $780.15 million, a PE ratio of -5.41 and a beta of 1.40.

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, beating the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The business had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. On average, equities research analysts forecast that Avid Bioservices will post -0.29 EPS for the current year.

Insider Buying and Selling

In other news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 19,323 shares of company stock worth $194,208 in the last three months. 3.05% of the stock is owned by corporate insiders.

Institutional Trading of Avid Bioservices

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

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.