Avid Bioservices (NASDAQ:CDMO) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Avid Bioservices (NASDAQ:CDMO) to a sell rating in a research note issued to investors on Tuesday.

Other equities analysts also recently issued research reports about the company. Stephens reiterated an overweight rating and issued a $12.00 target price on shares of Avid Bioservices in a report on Tuesday. Royal Bank of Canada increased their price objective on Avid Bioservices from $8.00 to $12.00 and gave the stock an outperform rating in a report on Tuesday. Finally, William Blair reaffirmed a market perform rating on shares of Avid Bioservices in a research report on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $13.50.

Avid Bioservices Price Performance

Shares of CDMO opened at $11.16 on Tuesday. The company has a market capitalization of $711.90 million, a price-to-earnings ratio of -5.05 and a beta of 1.37. Avid Bioservices has a fifty-two week low of $4.07 and a fifty-two week high of $11.57. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 0.31. The business’s 50-day moving average is $9.97 and its 200-day moving average is $8.35.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). The business had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. Equities research analysts expect that Avid Bioservices will post -0.31 EPS for the current fiscal year.

Insider Activity at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 7,657 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total transaction of $57,733.78. Following the transaction, 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 legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 9,216 shares of company stock valued at $69,984. 2.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avid Bioservices

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. acquired a new position in Avid Bioservices during the second quarter valued at approximately $38,000. Mather Group LLC. acquired a new position in Avid Bioservices during the first quarter valued at approximately $46,000. Point72 DIFC Ltd acquired a new position in Avid Bioservices during the second quarter valued at approximately $57,000. Oxford Asset Management LLP acquired a new position in Avid Bioservices during the fourth quarter valued at approximately $68,000. Finally, Principal Financial Group Inc. acquired a new position in Avid Bioservices during the second quarter valued at approximately $80,000. Institutional investors and hedge funds 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.