Avid Bioservices (NASDAQ:CDMO) Sets New 1-Year High – Here’s Why

Avid Bioservices, Inc. (NASDAQ:CDMO) shares reached a new 52-week high during trading on Thursday . The company traded as high as $12.51 and last traded at $12.50, with a volume of 3067700 shares trading hands. The stock had previously closed at $12.48.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Trading Up 0.1 %

The company has a market cap of $799.22 million, a P/E ratio of -5.23 and a beta of 1.39. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The stock’s 50 day moving average is $12.36 and its 200-day moving average is $11.32.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. Research analysts anticipate that Avid Bioservices, Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avid Bioservices news, insider Richard A. Richieri sold 2,283 shares of Avid Bioservices stock in a transaction on Friday, January 10th. The shares were sold at an average price of $12.37, for a total value of $28,240.71. Following the sale, the insider now directly owns 49,535 shares in the company, valued at approximately $612,747.95. The trade was a 4.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Nicholas Stewart Green sold 75,000 shares of Avid Bioservices stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $12.31, for a total value of $923,250.00. Following the completion of the sale, the chief executive officer now directly owns 151,653 shares in the company, valued at $1,866,848.43. This trade represents a 33.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 349,850 shares of company stock valued at $4,288,259. 3.05% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avid Bioservices

Several hedge funds and other institutional investors have recently made changes to their positions in CDMO. Charles Schwab Investment Management Inc. grew its stake in shares of Avid Bioservices by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 520,598 shares of the biopharmaceutical company’s stock valued at $6,429,000 after buying an additional 7,022 shares during the last quarter. Versor Investments LP bought a new position in Avid Bioservices in the 4th quarter valued at $3,338,000. Proficio Capital Partners LLC purchased a new stake in Avid Bioservices in the fourth quarter worth $210,000. New York Life Investment Management LLC purchased a new stake in shares of Avid Bioservices during the fourth quarter valued at $1,999,000. Finally, Wolverine Asset Management LLC bought a new position in shares of Avid Bioservices in the fourth quarter worth about $1,041,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

About Avid Bioservices

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.