Short Interest in Avid Bioservices, Inc. (NASDAQ:CDMO) Drops By 18.0%

Avid Bioservices, Inc. (NASDAQ:CDMO) saw a significant decrease in short interest in June. As of June 30th, there was short interest totalling 12,360,000 shares, a decrease of 18.0% from the June 15th total of 15,080,000 shares. Based on an average trading volume of 1,010,000 shares, the days-to-cover ratio is presently 12.2 days.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reiterated an “outperform” rating and set a $8.00 target price on shares of Avid Bioservices in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.67.

Insiders Place Their Bets

In related news, CEO Nicholas Stewart Green sold 7,657 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the transaction, the chief executive officer now directly owns 212,314 shares in the company, valued at approximately $1,600,847.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 26,452 shares of company stock worth $197,530 over the last ninety days. 2.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CDMO. Wellington Management Group LLP boosted its holdings in shares of Avid Bioservices by 27.1% in the 4th quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock valued at $9,612,000 after buying an additional 315,600 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Avid Bioservices in the 4th quarter valued at about $1,259,000. Vanguard Group Inc. grew its position in shares of Avid Bioservices by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock valued at $41,791,000 after acquiring an additional 13,190 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Avid Bioservices by 96.6% during the 4th quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company’s stock worth $2,478,000 after purchasing an additional 187,280 shares during the last quarter. Finally, Federated Hermes Inc. bought a new stake in shares of Avid Bioservices in the 4th quarter valued at about $2,090,000. 97.16% of the stock is currently owned by institutional investors.

Avid Bioservices Stock Up 14.5 %

Shares of CDMO stock traded up $1.21 during trading on Tuesday, reaching $9.53. The company’s stock had a trading volume of 2,340,129 shares, compared to its average volume of 1,189,587. The company has a market cap of $605.92 million, a price-to-earnings ratio of -4.31 and a beta of 1.36. Avid Bioservices has a one year low of $4.07 and a one year high of $14.02. The business has a fifty day moving average price of $8.00 and a 200-day moving average price of $7.31. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04.

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

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.