Avid Bioservices (NASDAQ:CDMO) Stock Rating Reaffirmed by William Blair

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “market perform” rating reissued by stock analysts at William Blair in a report released on Tuesday, MarketBeat Ratings reports.

Separately, Royal Bank of Canada restated an “outperform” rating and issued a $8.00 target price on shares of Avid Bioservices in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $13.50.

Avid Bioservices Stock Up 1.0 %

Shares of NASDAQ CDMO opened at $10.60 on Tuesday. The firm’s 50-day moving average price is $9.82 and its 200-day moving average price is $8.31. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $676.17 million, a price-to-earnings ratio of -4.80 and a beta of 1.37. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $11.57.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.10). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The business had revenue of $42.98 million for the quarter, compared to analysts’ expectations of $42.60 million. On average, equities research analysts anticipate that Avid Bioservices will post -0.31 EPS for the current fiscal year.

Insider Activity

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the sale, the chief executive officer now directly owns 212,314 shares in the company, valued at $1,600,847.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 9,216 shares of company stock worth $69,984. Corporate insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CDMO. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices during the second quarter worth $38,000. Mather Group LLC. purchased a new position in Avid Bioservices in the first quarter valued at $46,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices in the second quarter valued at about $57,000. Oxford Asset Management LLP acquired a new stake in shares of Avid Bioservices in the fourth quarter valued at about $68,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Avid Bioservices in the second quarter valued at about $80,000. Hedge funds and other institutional investors 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.