Avid Bioservices (NASDAQ:CDMO) Sees Unusually-High Trading Volume – Here’s What Happened

Avid Bioservices, Inc. (NASDAQ:CDMO) shares saw unusually-high trading volume on Tuesday . Approximately 1,396,716 shares were traded during trading, an increase of 4% from the previous session’s volume of 1,348,639 shares.The stock last traded at $12.50 and had previously closed at $12.48.

Wall Street Analyst Weigh In

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

Avid Bioservices Price Performance

The business’s 50 day moving average price is $12.35 and its 200-day moving average price is $11.27. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The company has a market cap of $799.18 million, a PE ratio of -5.23 and a beta of 1.39.

Avid Bioservices (NASDAQ:CDMO) last issued 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 return on equity of 33.18% and a negative net margin of 101.07%. As a group, analysts forecast that Avid Bioservices, Inc. will post -0.46 earnings per share for the current year.

Insider Activity

In other news, insider Richard A. Richieri sold 3,843 shares of Avid Bioservices stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $46,961.46. Following the completion of the transaction, the insider now directly owns 44,556 shares of the company’s stock, valued at approximately $544,474.32. The trade was a 7.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Nicholas Stewart Green sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $12.31, for a total value of $923,250.00. Following the transaction, the chief executive officer now directly owns 151,653 shares of the company’s stock, 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 90 days, insiders have sold 349,850 shares of company stock worth $4,288,259. 3.05% of the stock is currently owned by corporate insiders.

Institutional Trading of Avid Bioservices

Several hedge funds have recently made changes to their positions in the stock. Sei Investments Co. lifted its stake in Avid Bioservices by 14.9% in the second quarter. Sei Investments Co. now owns 159,729 shares of the biopharmaceutical company’s stock valued at $1,140,000 after buying an additional 20,766 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Avid Bioservices in the 2nd quarter worth about $1,396,000. Cubist Systematic Strategies LLC lifted its position in Avid Bioservices by 112.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 341,311 shares of the biopharmaceutical company’s stock valued at $2,437,000 after purchasing an additional 180,692 shares during the last quarter. SG Americas Securities LLC bought a new stake in Avid Bioservices in the 3rd quarter valued at about $282,000. Finally, Creative Planning boosted its stake in Avid Bioservices by 49.4% during the 3rd quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock valued at $230,000 after purchasing an additional 6,672 shares during the period. 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.