Avid Bioservices (NASDAQ:CDMO) Shares Pass Above Two Hundred Day Moving Average – Should You Sell?

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $9.17 and traded as high as $10.46. Avid Bioservices shares last traded at $10.10, with a volume of 383,426 shares.

Analyst Ratings Changes

CDMO has been the topic of several analyst reports. Royal Bank of Canada raised their target price on Avid Bioservices from $8.00 to $12.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Stephens reissued an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Avid Bioservices Stock Down 0.3 %

The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. The company has a market cap of $645.35 million, a P/E ratio of -4.59 and a beta of 1.38. The stock has a 50 day moving average price of $10.53 and a 200 day moving average price of $9.22.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The firm had revenue of $40.17 million for the quarter, compared to analysts’ expectations of $39.50 million. Research analysts expect that Avid Bioservices, Inc. will post -0.29 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 value of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 19,323 shares of company stock valued at $194,208 over the last ninety days. Insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. boosted its holdings in shares of Avid Bioservices by 313.7% in 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. BNP Paribas Financial Markets grew its position in Avid Bioservices by 50.8% during the 1st quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company’s stock worth $2,081,000 after purchasing an additional 104,573 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Avid Bioservices by 104.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company’s stock worth $412,000 after purchasing an additional 31,450 shares in the last quarter. AltraVue Capital LLC lifted its holdings in shares of 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 in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Avid Bioservices by 112.5% during the second quarter. Cubist Systematic Strategies LLC now owns 341,311 shares of the biopharmaceutical company’s stock valued at $2,437,000 after buying an additional 180,692 shares in 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.