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

Avid Bioservices, Inc. (NASDAQ:CDMO) saw a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 11,720,000 shares, a drop of 13.2% from the October 31st total of 13,510,000 shares. Based on an average daily trading volume, of 1,790,000 shares, the days-to-cover ratio is presently 6.5 days.

Avid Bioservices Stock Performance

NASDAQ CDMO traded down $0.03 on Tuesday, reaching $12.29. 666,978 shares of the company’s stock traded hands, compared to its average volume of 1,332,299. The firm has a market cap of $783.98 million, a price-to-earnings ratio of -5.43 and a beta of 1.44. The stock has a 50 day moving average price of $11.11 and a 200-day moving average price of $9.90. 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 issued its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates 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. Equities research analysts predict that Avid Bioservices will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. This trade represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is owned by insiders.

Institutional Trading of Avid Bioservices

Large investors have recently bought and sold shares of the business. Meeder Asset Management Inc. purchased a new stake in Avid Bioservices during the 2nd quarter valued at about $38,000. Quest Partners LLC purchased a new stake in shares of Avid Bioservices in the 3rd quarter valued at approximately $38,000. Point72 DIFC Ltd purchased a new stake in shares of Avid Bioservices in the 2nd quarter valued at approximately $57,000. Principal Financial Group Inc. purchased a new stake in shares of Avid Bioservices in the 2nd quarter valued at approximately $80,000. Finally, TradeLink Capital LLC purchased a new position in shares of Avid Bioservices during the 2nd quarter worth approximately $92,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

CDMO has been the topic of several recent analyst reports. Royal Bank of Canada restated 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, November 7th. Stephens reiterated an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a research report on Tuesday, September 10th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $13.63.

Avid Bioservices Company Profile

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.