William Blair Reaffirms “Market Perform” Rating for Avid Bioservices (NASDAQ:CDMO)

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “market perform” rating reaffirmed by analysts at William Blair in a report issued on Thursday, Benzinga reports.

Several other equities analysts also recently issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday. Stephens reiterated an “overweight” rating and set a $12.00 price target on shares of Avid Bioservices in a research report on Tuesday, September 10th. Finally, StockNews.com raised Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $13.63.

Avid Bioservices Trading Up 4.2 %

NASDAQ:CDMO opened at $10.98 on Thursday. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $12.48. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The business has a 50 day simple moving average of $10.51 and a 200 day simple moving average of $9.35. The firm has a market capitalization of $700.41 million, a P/E ratio of -4.84 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $40.17 million during the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Equities research analysts predict that Avid Bioservices will post -0.29 EPS for the current year.

Insider Buying and Selling

In other news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 19,323 shares of company stock valued at $194,208 over the last quarter. Corporate insiders own 3.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in Avid Bioservices by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock valued at $204,000 after acquiring an additional 1,649 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Avid Bioservices by 2.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 77,145 shares of the biopharmaceutical company’s stock worth $878,000 after purchasing an additional 1,800 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Avid Bioservices by 7.1% during the first 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 holdings 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 in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Avid Bioservices in the second quarter worth approximately $38,000. 97.16% of the stock is 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.