Avid Bioservices (NASDAQ:CDMO) Earns Sector Perform Rating from Royal Bank of Canada

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have a $12.50 price target on the biopharmaceutical company’s stock, up from their previous price target of $12.00. Royal Bank of Canada’s price target would suggest a potential upside of 1.96% from the stock’s previous close.

Other equities analysts have also issued reports about the company. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. StockNews.com raised Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Stephens reissued an “overweight” rating and set a $12.00 price target on shares of Avid Bioservices in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $13.63.

Avid Bioservices Trading Up 0.2 %

Shares of NASDAQ:CDMO traded up $0.02 during trading on Thursday, reaching $12.26. 5,233,098 shares of the stock were exchanged, compared to its average volume of 1,238,037. 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 has a 12-month low of $4.07 and a 12-month high of $12.48. The firm has a market cap of $782.13 million, a price-to-earnings ratio of -5.40 and a beta of 1.40. The firm’s 50-day moving average price is $10.58 and its 200 day moving average price is $9.41.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The business had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. On average, sell-side analysts anticipate that Avid Bioservices will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the transaction, the chief executive officer now owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 19,323 shares of company stock valued at $194,208. 3.05% of the stock is currently owned by corporate insiders.

Institutional Trading of Avid Bioservices

Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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. BNP Paribas Financial Markets increased its holdings in shares of Avid Bioservices by 50.8% during the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock valued at $2,081,000 after acquiring an additional 104,573 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Avid Bioservices by 104.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock valued at $412,000 after buying an additional 31,450 shares during the last quarter. GSA Capital Partners LLP grew its holdings in Avid Bioservices by 394.8% in the 1st quarter. GSA Capital Partners LLP now owns 92,695 shares of the biopharmaceutical company’s stock valued at $621,000 after buying an additional 73,962 shares during the last quarter. Finally, 12 West Capital Management LP acquired a new stake in Avid Bioservices in the 1st quarter valued at approximately $18,425,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

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.