Royal Bank of Canada Reaffirms “Sector Perform” Rating for Avid Bioservices (NASDAQ:CDMO)

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “sector perform” rating reaffirmed by Royal Bank of Canada in a note issued to investors on Thursday, Benzinga reports. They presently have a $12.50 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $12.00. Royal Bank of Canada’s target price points to a potential upside of 13.84% from the stock’s previous close.

CDMO has been the topic of a number of other research reports. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Stephens reiterated an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $13.63.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO opened at $10.98 on Thursday. The firm has a market cap of $700.41 million, a price-to-earnings ratio of -4.84 and a beta of 1.40. The firm has a fifty day moving average price of $10.51 and a 200 day moving average price of $9.35. Avid Bioservices has a fifty-two week low of $4.07 and a fifty-two week high of $12.48. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The business had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. As a group, sell-side analysts expect that Avid Bioservices will post -0.29 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the transaction, the chief executive officer now directly owns 226,653 shares of the company’s stock, valued at $2,277,862.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have sold 19,323 shares of company stock worth $194,208. Company insiders own 3.05% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

Several institutional investors have recently made changes to their positions in CDMO. Mirae Asset Global Investments Co. Ltd. raised its position in 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 worth $293,000 after purchasing an additional 2,900 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Avid Bioservices by 50.8% in the first quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock worth $2,081,000 after buying an additional 104,573 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Avid Bioservices by 104.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock worth $412,000 after acquiring an additional 31,450 shares during the last quarter. GSA Capital Partners LLP lifted its stake in shares of Avid Bioservices by 394.8% during the 1st quarter. GSA Capital Partners LLP now owns 92,695 shares of the biopharmaceutical company’s stock worth $621,000 after acquiring an additional 73,962 shares during the last quarter. Finally, 12 West Capital Management LP bought a new position in Avid Bioservices in the 1st quarter valued at $18,425,000. Institutional investors own 97.16% of the company’s stock.

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.