Avid Bioservices’ (CDMO) “Market Perform” Rating Reaffirmed at William Blair

William Blair reissued their market perform rating on shares of Avid Bioservices (NASDAQ:CDMO) in a research report released on Thursday,Benzinga reports.

Other equities research analysts have also recently issued reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Stephens restated an “overweight” rating and issued a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.63.

Avid Bioservices Stock Up 0.2 %

CDMO stock traded up $0.02 during mid-day trading on Thursday, reaching $12.26. The company had a trading volume of 5,233,074 shares, compared to its average volume of 1,238,037. Avid Bioservices has a 52 week low of $4.07 and a 52 week high of $12.48. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The stock has a 50 day simple moving average of $10.54 and a two-hundred day simple moving average of $9.37. The company has a market capitalization of $782.07 million, a price-to-earnings ratio of -5.40 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The company had revenue of $40.17 million for the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. As a group, equities analysts predict that Avid Bioservices will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 19,323 shares of company stock worth $194,208 over the last quarter. Company insiders own 3.05% of the company’s stock.

Institutional Trading of Avid Bioservices

Large investors have recently modified their holdings of the company. Harbor Capital Advisors Inc. grew its holdings in Avid Bioservices by 313.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock worth $2,928,000 after acquiring an additional 310,921 shares in the last quarter. BNP Paribas Financial Markets raised 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 in the last quarter. Emerald Advisers LLC purchased a new stake in shares of Avid Bioservices during the 3rd quarter worth $16,489,000. Janney Montgomery Scott LLC boosted its position in Avid Bioservices by 104.5% during the first quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock valued at $412,000 after purchasing an additional 31,450 shares in the last quarter. Finally, AltraVue Capital LLC grew its stake in Avid Bioservices by 7.6% in the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock valued at $24,242,000 after purchasing an additional 239,343 shares during the last quarter. Hedge funds and other institutional investors 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.