Avid Bioservices (NASDAQ:CDMO) Stock Price Up 3.7%

Avid Bioservices, Inc. (NASDAQ:CDMO) was up 3.7% during mid-day trading on Wednesday . The company traded as high as $9.88 and last traded at $9.88. Approximately 620,353 shares changed hands during trading, a decline of 48% from the average daily volume of 1,185,401 shares. The stock had previously closed at $9.53.

Wall Street Analyst Weigh In

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

Avid Bioservices Price Performance

The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. The business’s 50-day moving average is $8.05 and its two-hundred day moving average is $7.34.

Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The firm had revenue of $33.82 million during the quarter, compared to analysts’ expectations of $33.80 million. Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. As a group, sell-side analysts predict that Avid Bioservices, Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 11,762 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total value of $87,038.80. Following the completion of the sale, the chief executive officer now owns 203,606 shares in the company, valued at approximately $1,506,684.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 26,452 shares of company stock worth $197,530. Insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Institutional investors have recently added to or reduced their stakes in the stock. 12 West Capital Management LP purchased a new stake in shares of Avid Bioservices during the first quarter worth approximately $18,425,000. Wellington Management Group LLP raised its position in Avid Bioservices by 72.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock worth $10,981,000 after buying an additional 490,569 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of Avid Bioservices in the 4th quarter worth $2,090,000. 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 valued at $2,928,000 after acquiring an additional 310,921 shares in the last quarter. Finally, Roubaix Capital LLC increased its stake in shares of Avid Bioservices by 374.2% during the fourth quarter. Roubaix Capital LLC now owns 369,158 shares of the biopharmaceutical company’s stock worth $2,400,000 after acquiring an additional 291,315 shares during the period. Institutional investors and hedge funds own 97.16% of the company’s stock.

About Avid Bioservices

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.