Avid Bioservices (CDMO) – Investment Analysts’ Recent Ratings Updates

Avid Bioservices (NASDAQ: CDMO) has recently received a number of price target changes and ratings updates:

• 9/10/2024 – Avid Bioservices was upgraded by analysts at StockNews.com to a “sell” rating.
• 9/10/2024 – Avid Bioservices had its “overweight” rating reaffirmed by analysts at Stephens. They now have a $12.00 price target on the stock.
• 9/10/2024 – Avid Bioservices had its price target raised by analysts at Royal Bank of Canada from $8.00 to $12.00. They now have an “outperform” rating on the stock.
• 9/10/2024 – Avid Bioservices had its “market perform” rating reaffirmed by analysts at William Blair.

Avid Bioservices Stock Up 17.2 %

CDMO opened at $10.49 on Wednesday. The firm has a market cap of $669.16 million, a P/E ratio of -4.75 and a beta of 1.37. Avid Bioservices, Inc. has a 52 week low of $4.07 and a 52 week high of $11.57. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. The business’s fifty day simple moving average is $9.76 and its 200 day simple moving average is $8.29.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). The company had revenue of $42.98 million for the quarter, compared to analysts’ expectations of $42.60 million. Avid Bioservices had a negative return on equity of 11.27% and a negative net margin of 100.57%. As a group, equities research analysts anticipate that Avid Bioservices, Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the sale, the chief executive officer now owns 212,314 shares of the company’s stock, valued at $1,600,847.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 9,216 shares of company stock valued at $69,984. Company insiders own 2.39% of the company’s stock.

Institutional Trading of Avid Bioservices

A number of hedge funds have recently made changes to their positions in CDMO. M&T Bank Corp increased its holdings in Avid Bioservices by 20.6% in the fourth quarter. M&T Bank Corp now owns 103,432 shares of the biopharmaceutical company’s stock valued at $673,000 after buying an additional 17,673 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Avid Bioservices by 266.2% in the 4th quarter. BNP Paribas Financial Markets now owns 205,986 shares of the biopharmaceutical company’s stock valued at $1,339,000 after acquiring an additional 149,737 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Avid Bioservices during the 4th quarter valued at approximately $936,000. Trexquant Investment LP bought a new position in Avid Bioservices during the fourth quarter worth $1,259,000. Finally, Oxford Asset Management LLP bought a new position in Avid Bioservices during the fourth quarter worth $68,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

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.