Avid Bioservices (NASDAQ:CDMO) Stock Price Up 6.4%

Avid Bioservices, Inc. (NASDAQ:CDMO) rose 6.4% on Thursday . The stock traded as high as $25.05 and last traded at $24.93. Approximately 6,684 shares changed hands during trading, a decline of 99% from the average daily volume of 629,754 shares. The stock had previously closed at $23.42.

CDMO has been the topic of several research analyst reports. Zacks Investment Research lowered Avid Bioservices from a “buy” rating to a “hold” rating in a research report on Monday, October 4th. Craig Hallum lifted their price objective on Avid Bioservices from $21.00 to $29.00 and gave the stock a “buy” rating in a report on Wednesday, June 30th. KeyCorp boosted their price target on Avid Bioservices from $22.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, June 30th. Finally, Royal Bank of Canada upped their target price on Avid Bioservices from $21.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, June 30th.

The business has a fifty day moving average of $22.94 and a 200-day moving average of $22.59. The company has a debt-to-equity ratio of 3.11, a quick ratio of 2.93 and a current ratio of 3.17. The firm has a market capitalization of $1.53 billion, a P/E ratio of 310.16 and a beta of 2.19.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Tuesday, September 7th. The biopharmaceutical company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.06. The business had revenue of $30.75 million during the quarter, compared to analyst estimates of $25.00 million. Avid Bioservices had a return on equity of 19.89% and a net margin of 12.63%. During the same period last year, the company posted $0.06 EPS. On average, equities research analysts forecast that Avid Bioservices, Inc. will post 0.24 earnings per share for the current fiscal year.

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 18,701 shares of the firm’s stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $25.56, for a total transaction of $477,997.56. Following the transaction, the chief executive officer now directly owns 38,553 shares in the company, valued at $985,414.68. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 22,596 shares of company stock worth $565,129. Corporate insiders own 1.49% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDMO. Rafferty Asset Management LLC bought a new position in shares of Avid Bioservices in the second quarter valued at approximately $2,093,000. Panagora Asset Management Inc. grew its holdings in Avid Bioservices by 8,177.6% during the 1st quarter. Panagora Asset Management Inc. now owns 52,480 shares of the biopharmaceutical company’s stock worth $957,000 after acquiring an additional 51,846 shares during the period. Aristotle Capital Boston LLC grew its holdings in Avid Bioservices by 1.1% during the 1st quarter. Aristotle Capital Boston LLC now owns 478,471 shares of the biopharmaceutical company’s stock worth $8,723,000 after acquiring an additional 5,170 shares during the period. Carderock Capital Management Inc. acquired a new position in shares of Avid Bioservices in the 2nd quarter valued at $256,000. Finally, Ameriprise Financial Inc. acquired a new position in shares of Avid Bioservices in the 1st quarter valued at $715,000. 86.40% of the stock is currently owned by institutional investors.

Avid Bioservices Company Profile (NASDAQ:CDMO)

Avid Bioservices, Inc engages in the commercial manufacturing. The firm focuses on the biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions and support.

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