Avid Bioservices (NASDAQ:CDMO) Stock Price Down 2.5%

Avid Bioservices, Inc. (NASDAQ:CDMO) shares fell 2.5% during trading on Wednesday . The company traded as low as $11.20 and last traded at $11.20. 34,751 shares were traded during trading, a decline of 97% from the average session volume of 1,119,315 shares. The stock had previously closed at $11.49.

Analysts Set New Price Targets

CDMO has been the topic of several research analyst reports. Stephens reiterated an “overweight” rating and set a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com raised Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Royal Bank of Canada boosted their price target on Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.50.

Avid Bioservices Stock Performance

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 firm has a market capitalization of $794.19 million, a PE ratio of -5.63 and a beta of 1.37. The firm’s 50 day moving average price is $10.30 and its 200-day moving average price is $8.45.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). The business had revenue of $42.98 million for the quarter, compared to analysts’ expectations of $42.60 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. On average, research analysts expect that Avid Bioservices, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total transaction 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 approximately $1,600,847.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last quarter, insiders sold 9,216 shares of company stock valued at $69,984. 2.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avid Bioservices

A number of hedge funds have recently modified their holdings of CDMO. Millennium Management LLC boosted its position in Avid Bioservices by 15.8% during the second quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock worth $36,411,000 after acquiring an additional 695,512 shares during the last quarter. Vanguard Group Inc. boosted its holdings 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 worth $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% during the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after purchasing an additional 239,343 shares during the last quarter. 12 West Capital Management LP purchased a new stake in shares of Avid Bioservices in the first quarter valued at approximately $18,425,000. Finally, Point72 Asset Management L.P. increased its holdings in shares of Avid Bioservices by 51.2% in the second 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 last quarter. 97.16% of the stock is currently owned by institutional investors and hedge funds.

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.