Avid Bioservices’ (CDMO) Outperform Rating Reiterated at Royal Bank of Canada

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “outperform” rating reiterated by stock analysts at Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They currently have a $8.00 price target on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 3.90% from the stock’s previous close.

Avid Bioservices Stock Performance

Avid Bioservices stock opened at $7.70 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.31 and a current ratio of 0.46. The stock has a fifty day moving average of $8.00 and a two-hundred day moving average of $7.22. The company has a market capitalization of $488.80 million, a price-to-earnings ratio of -28.52 and a beta of 1.36. Avid Bioservices has a fifty-two week low of $4.07 and a fifty-two week high of $14.27.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The business had revenue of $33.82 million during the quarter, compared to analysts’ expectations of $33.80 million. Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 11,762 shares of Avid Bioservices stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $7.40, for a total value of $87,038.80. Following the completion of the sale, the chief executive officer now owns 203,606 shares of the company’s stock, valued at $1,506,684.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 17,236 shares of company stock valued at $127,546 over the last quarter. Company insiders own 2.39% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

A number of institutional investors have recently added to or reduced their stakes in CDMO. 12 West Capital Management LP purchased a new stake in Avid Bioservices during the first quarter valued at about $18,425,000. Wellington Management Group LLP grew its position in Avid Bioservices by 72.9% during the third quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock valued at $10,981,000 after acquiring an additional 490,569 shares during the period. Federated Hermes Inc. purchased a new stake in Avid Bioservices during the fourth quarter valued at about $2,090,000. Roubaix Capital LLC grew its position in Avid Bioservices by 374.2% during the fourth quarter. Roubaix Capital LLC now owns 369,158 shares of the biopharmaceutical company’s stock valued at $2,400,000 after acquiring an additional 291,315 shares during the period. Finally, Kent Lake Capital LLC purchased a new stake in Avid Bioservices during the first quarter valued at about $1,879,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

About Avid Bioservices

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.