Stephens started coverage on shares of Avid Bioservices (NASDAQ:CDMO) in a research report report published on Wednesday morning, BenzingaRatingsTable reports. The brokerage issued an overweight rating and a $8.00 target price on the biopharmaceutical company’s stock.
Other analysts have also issued research reports about the stock. Craig Hallum started coverage on shares of Avid Bioservices in a report on Wednesday. They set a buy rating and a $11.00 target price for the company. HC Wainwright set a $11.00 price target on shares of Avid Bioservices and gave the stock a buy rating in a research report on Friday, September 6th. Janney Montgomery Scott raised shares of Avid Bioservices from a neutral rating to a buy rating and set a $10.00 price target on the stock in a research report on Friday, June 28th. TheStreet cut shares of Avid Bioservices from a c- rating to a d+ rating in a research report on Thursday, September 12th. Finally, Zacks Investment Research cut shares of Avid Bioservices from a hold rating to a sell rating in a research report on Wednesday, September 4th. 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 company’s stock. The company currently has an average rating of Buy and a consensus price target of $8.95.
CDMO traded up $0.35 during trading on Wednesday, reaching $5.36. 16,111 shares of the company’s stock were exchanged, compared to its average volume of 218,361. The company’s fifty day moving average price is $5.72 and its 200-day moving average price is $5.17. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.50 and a current ratio of 1.78. Avid Bioservices has a fifty-two week low of $3.37 and a fifty-two week high of $7.15. The firm has a market capitalization of $281.76 million, a PE ratio of -31.82 and a beta of 2.72.
Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Thursday, September 5th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). Avid Bioservices had a negative return on equity of 11.89% and a negative net margin of 9.63%. The business had revenue of $15.25 million for the quarter, compared to analyst estimates of $14.37 million. The firm’s revenue was up 21.1% on a year-over-year basis. Research analysts forecast that Avid Bioservices will post -0.16 earnings per share for the current fiscal year.
In related news, CEO Richard B. Hancock acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were acquired at an average cost of $5.09 per share, with a total value of $50,900.00. Also, major shareholder Joseph Carleone acquired 15,247 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was bought at an average cost of $9.20 per share, for a total transaction of $140,272.40. Company insiders own 1.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Avid Bioservices by 7.5% in the 2nd quarter. BlackRock Inc. now owns 3,790,286 shares of the biopharmaceutical company’s stock valued at $21,227,000 after acquiring an additional 266,015 shares in the last quarter. Vanguard Group Inc. lifted its position in Avid Bioservices by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 2,676,002 shares of the biopharmaceutical company’s stock valued at $14,986,000 after acquiring an additional 19,667 shares in the last quarter. AltraVue Capital LLC lifted its position in Avid Bioservices by 6.7% in the 2nd quarter. AltraVue Capital LLC now owns 2,108,812 shares of the biopharmaceutical company’s stock valued at $11,810,000 after acquiring an additional 133,337 shares in the last quarter. AWM Investment Company Inc. acquired a new stake in Avid Bioservices in the 2nd quarter valued at $3,952,000. Finally, Sargent Investment Group LLC increased its stake in Avid Bioservices by 2.3% in the 2nd quarter. Sargent Investment Group LLC now owns 613,433 shares of the biopharmaceutical company’s stock valued at $3,435,000 after buying an additional 13,700 shares during the last quarter. 43.21% of the stock is currently owned by institutional investors and hedge funds.
About Avid Bioservices
Avid Bioservices, Inc, a biologics contract development and manufacturing company, focuses on the development and current Good Manufacturing Practices (cGMP) manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, cGMP clinical, and commercial manufacturing services for the biotechnology and biopharmaceutical industries.
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