William Blair reissued their market perform rating on shares of Avid Bioservices (NASDAQ:CDMO – Free Report) in a research note issued to investors on Thursday morning,Benzinga reports.
A number of other equities analysts also recently weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday. StockNews.com raised Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Finally, Stephens reissued an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $13.63.
Get Our Latest Stock Report on CDMO
Avid Bioservices Stock Up 0.2 %
Avid Bioservices (NASDAQ:CDMO – Get Free Report) last posted its quarterly 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 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 analyst estimates of $39.50 million. On average, sell-side analysts forecast that Avid Bioservices will post -0.38 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 19,323 shares of company stock valued at $194,208 over the last 90 days. 3.05% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of CDMO. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Avid Bioservices by 7.1% during 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 lifted its position in shares of Avid Bioservices by 50.8% in the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock worth $2,081,000 after acquiring an additional 104,573 shares during the period. Janney Montgomery Scott LLC grew its holdings 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 purchasing an additional 31,450 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of Avid Bioservices by 394.8% during the first quarter. GSA Capital Partners LLP now owns 92,695 shares of the biopharmaceutical company’s stock valued at $621,000 after purchasing an additional 73,962 shares during the period. Finally, 12 West Capital Management LP acquired a new position in shares of Avid Bioservices in the first quarter valued at $18,425,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.
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.
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