Avid Bioservices, Inc. (NASDAQ:CDMO) Sees Significant Drop in Short Interest

Avid Bioservices, Inc. (NASDAQ:CDMO) saw a significant drop in short interest in August. As of August 15th, there was short interest totalling 12,870,000 shares, a drop of 7.6% from the July 31st total of 13,930,000 shares. Based on an average trading volume of 1,000,000 shares, the short-interest ratio is presently 12.9 days.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada restated an “outperform” rating and set a $8.00 price target on shares of Avid Bioservices in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Avid Bioservices has a consensus rating of “Moderate Buy” and a consensus target price of $12.67.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 9,216 shares of company stock valued at $69,984 over the last 90 days. Corporate insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices in the second quarter valued at about $38,000. CWM LLC grew its stake in Avid Bioservices by 3,125.0% during the fourth quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock valued at $44,000 after acquiring an additional 6,500 shares in the last quarter. Mather Group LLC. bought a new stake in Avid Bioservices in the 1st quarter valued at $46,000. Point72 DIFC Ltd bought a new stake in Avid Bioservices in the 2nd quarter valued at $57,000. Finally, Oxford Asset Management LLP purchased a new stake in Avid Bioservices in the 4th quarter worth $68,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Stock Performance

Shares of NASDAQ CDMO traded down $0.81 during trading on Tuesday, hitting $9.73. The company had a trading volume of 613,198 shares, compared to its average volume of 1,137,303. Avid Bioservices has a 12 month low of $4.07 and a 12 month high of $12.45. 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 firm has a market capitalization of $620.68 million, a P/E ratio of -4.35 and a beta of 1.37. The stock has a 50 day simple moving average of $9.48 and a 200 day simple moving average of $8.22.

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

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.