Avid Bioservices (NASDAQ:CDMO) Trading Up 9.5%

Avid Bioservices, Inc. (NASDAQ:CDMO) shares traded up 9.5% on Thursday . The company traded as high as $8.14 and last traded at $8.09. 448,664 shares traded hands during trading, a decline of 62% from the average session volume of 1,172,047 shares. The stock had previously closed at $7.39.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reissued an “outperform” rating and set a $8.00 price objective on shares of Avid Bioservices in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.67.

Avid Bioservices Price Performance

The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. The firm has a market cap of $508.64 million, a PE ratio of -29.81 and a beta of 1.36. The stock has a 50 day simple moving average of $7.99 and a 200-day simple moving average of $7.25.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The company had revenue of $33.82 million for the quarter, compared to the consensus estimate of $33.80 million. Equities analysts anticipate that Avid Bioservices, Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 11,762 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total transaction of $87,038.80. Following the transaction, the chief executive officer now directly owns 203,606 shares of the company’s stock, valued at $1,506,684.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 17,236 shares of company stock valued at $127,546. Insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Several institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its stake in shares of Avid Bioservices by 313.7% during the second quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock worth $2,928,000 after buying an additional 310,921 shares during the period. Kennedy Capital Management LLC increased its stake in shares of Avid Bioservices by 74.6% during the first quarter. Kennedy Capital Management LLC now owns 597,089 shares of the biopharmaceutical company’s stock worth $4,000,000 after purchasing an additional 255,201 shares in the last quarter. Kent Lake Capital LLC purchased a new stake in shares of Avid Bioservices during the first quarter worth about $1,879,000. Price T Rowe Associates Inc. MD grew its stake in Avid Bioservices by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock valued at $204,000 after acquiring an additional 1,649 shares in the last quarter. Finally, Anson Funds Management LP grew its stake in Avid Bioservices by 20.5% during the 1st quarter. Anson Funds Management LP now owns 164,313 shares of the biopharmaceutical company’s stock valued at $1,101,000 after acquiring an additional 28,000 shares in the last quarter. 97.16% of the stock is owned by hedge funds and other institutional investors.

Avid Bioservices Company Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.