Avid Bioservices, Inc. (NASDAQ:CDMO) Receives Average Rating of “Hold” from Analysts

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) have received a consensus rating of “Hold” from the five research firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $13.63.

Several equities research analysts have issued reports on the stock. Stephens reiterated an “overweight” rating and set a $12.00 price objective on shares of Avid Bioservices in a research note on Tuesday, September 10th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th.

Insiders Place Their Bets

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the transaction, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 19,323 shares of company stock valued at $194,208 over the last quarter. Insiders own 3.05% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Several hedge funds have recently made changes to their positions in CDMO. Meeder Asset Management Inc. purchased a new position in shares of Avid Bioservices in the second quarter worth approximately $38,000. Quest Partners LLC purchased a new stake in Avid Bioservices in the 3rd quarter worth approximately $38,000. Point72 DIFC Ltd acquired a new stake in Avid Bioservices during the second quarter valued at $57,000. Principal Financial Group Inc. acquired a new stake in shares of Avid Bioservices during the 2nd quarter valued at about $80,000. Finally, TradeLink Capital LLC acquired a new position in shares of Avid Bioservices during the 2nd quarter worth $92,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Price Performance

Shares of CDMO opened at $12.28 on Friday. The stock has a market cap of $783.40 million, a PE ratio of -5.41 and a beta of 1.40. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $12.48. The firm has a fifty day moving average price of $11.09 and a 200 day moving average price of $9.87.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. As a group, sell-side analysts anticipate that Avid Bioservices will post -0.38 EPS for the current year.

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.