Avid Bioservices (NASDAQ:CDMO) Trading Down 2.9%

Avid Bioservices, Inc. (NASDAQ:CDMO) shares traded down 2.9% during trading on Wednesday . The stock traded as low as $9.42 and last traded at $9.45. 105,879 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,131,235 shares. The stock had previously closed at $9.73.

Analyst Ratings Changes

Separately, Royal Bank of Canada reiterated an “outperform” rating and set a $8.00 price objective on shares of Avid Bioservices in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Avid Bioservices has an average rating of “Moderate Buy” and an average target price of $12.67.

Avid Bioservices Trading Down 2.7 %

The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $558.80 million, a PE ratio of -4.09 and a beta of 1.37. The stock’s fifty day simple moving average is $9.62 and its 200 day simple moving average is $8.25.

Avid Bioservices (NASDAQ:CDMO) last announced 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). The company had revenue of $42.98 million during the quarter, compared to the consensus estimate of $42.60 million. Avid Bioservices had a negative return on equity of 11.27% and a negative net margin of 100.57%. On average, sell-side analysts predict that Avid Bioservices, Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 7,657 shares of the 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 of the company’s stock, valued at approximately $1,600,847.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 9,216 shares of company stock valued at $69,984 over the last quarter. 2.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices in the second quarter worth $38,000. CWM LLC boosted its holdings in shares of Avid Bioservices by 3,125.0% during the 4th quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 6,500 shares during the last quarter. Mather Group LLC. purchased a new position in shares of Avid Bioservices during the first quarter valued at about $46,000. Point72 DIFC Ltd bought a new stake in shares of Avid Bioservices in the second quarter worth about $57,000. Finally, Oxford Asset Management LLP purchased a new stake in shares of Avid Bioservices in the fourth quarter worth about $68,000. 97.16% of the stock is owned by hedge funds and other institutional investors.

Avid Bioservices Company Profile

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.