Avid Bioservices (NASDAQ:CDMO) Earns Overweight Rating from Stephens

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “overweight” rating reiterated by equities research analysts at Stephens in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $12.00 price objective on the biopharmaceutical company’s stock. Stephens’ price objective points to a potential upside of 15.38% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada reiterated an “outperform” rating and set a $8.00 price objective on shares of Avid Bioservices in a research note on Wednesday, July 3rd. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Tuesday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Avid Bioservices currently has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Avid Bioservices Stock Performance

CDMO stock traded up $1.45 during midday trading on Tuesday, hitting $10.40. The company’s stock had a trading volume of 186,978 shares, compared to its average volume of 1,124,826. Avid Bioservices has a 1 year low of $4.07 and a 1 year high of $11.57. 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 stock’s 50-day moving average price is $9.69 and its 200 day moving average price is $8.27. The stock has a market cap of $663.42 million, a price-to-earnings ratio of -4.71 and a beta of 1.37.

Avid Bioservices (NASDAQ:CDMO) last issued 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 return on equity of 11.27% and a negative net margin of 100.57%. The firm had revenue of $42.98 million during the quarter, compared to the consensus estimate of $42.60 million. On average, equities analysts forecast that Avid Bioservices will post -0.31 EPS for the current year.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was 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 approximately $1,600,847.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 9,216 shares of company stock valued at $69,984 in the last quarter. 2.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in Avid Bioservices by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock valued at $204,000 after purchasing an additional 1,649 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Avid Bioservices by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock valued at $293,000 after purchasing an additional 2,900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after buying an additional 3,041 shares during the period. Meeder Asset Management Inc. acquired a new stake in Avid Bioservices in the 2nd quarter valued at approximately $38,000. Finally, Rhumbline Advisers raised its holdings in shares of Avid Bioservices by 6.1% in the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock valued at $676,000 after buying an additional 5,408 shares during the period. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

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.