Avid Bioservices (NASDAQ:CDMO) Sets New 1-Year High – Should You Buy?

Avid Bioservices, Inc. (NASDAQ:CDMO)’s share price 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 traded. The stock had previously closed at $12.48.

Analyst Upgrades and Downgrades

CDMO has been the topic of a number of recent research reports. William Blair reaffirmed 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 reiterated a “sector perform” rating and set a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.25.

Avid Bioservices Stock Up 0.1 %

The stock has a fifty day moving average price of $12.36 and a two-hundred day moving average price of $11.33. The firm has a market capitalization of $799.18 million, a P/E ratio of -5.23 and a beta of 1.39. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, missing the consensus estimate 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 forecast that Avid Bioservices, Inc. will post -0.46 EPS for the current year.

Insider Activity

In related news, insider Richard A. Richieri sold 3,843 shares of the 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 owns 44,556 shares in the company, valued at $544,474.32. This represents a 7.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas Stewart Green sold 145,911 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $1,783,032.42. Following the sale, the chief executive officer now owns 157,620 shares in the company, valued at $1,926,116.40. This trade represents a 48.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 349,850 shares of company stock valued at $4,288,259. Insiders own 3.05% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC acquired a new position in Avid Bioservices in the third quarter worth approximately $38,000. R Squared Ltd acquired a new position in shares of Avid Bioservices in the 4th quarter worth $42,000. Raymond James Financial Inc. acquired a new position in shares of Avid Bioservices in the 4th quarter worth $166,000. HighTower Advisors LLC raised its position in shares of Avid Bioservices by 23.3% during the fourth quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock worth $171,000 after purchasing an additional 2,620 shares during the period. Finally, Entropy Technologies LP purchased a new stake in shares of Avid Bioservices during the fourth quarter valued at $195,000. 97.16% of the stock is currently owned by institutional investors.

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.