Avid Bioservices (NASDAQ:CDMO) Trading Up 6.4%

Avid Bioservices, Inc. (NASDAQ:CDMO)’s stock price was up 6.4% during trading on Thursday . The stock traded as high as $25.05 and last traded at $24.93. Approximately 6,684 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 629,754 shares. The stock had previously closed at $23.42.

CDMO has been the subject of several analyst reports. Craig Hallum raised their price target on shares of Avid Bioservices from $21.00 to $29.00 and gave the company a “buy” rating in a research note on Wednesday, June 30th. Zacks Investment Research downgraded shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research note on Monday, October 4th. KeyCorp lifted their target price on shares of Avid Bioservices from $22.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 30th. Finally, Royal Bank of Canada lifted their target price on shares of Avid Bioservices from $21.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 30th.

The company has a debt-to-equity ratio of 3.11, a current ratio of 3.17 and a quick ratio of 2.93. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 310.16 and a beta of 2.19. The business’s fifty day simple moving average is $22.94 and its 200 day simple moving average is $22.59.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Tuesday, September 7th. The biopharmaceutical company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.06. The business had revenue of $30.75 million during the quarter, compared to analysts’ expectations of $25.00 million. Avid Bioservices had a net margin of 12.63% and a return on equity of 19.89%. During the same period last year, the company posted $0.06 earnings per share. Equities research analysts expect that Avid Bioservices, Inc. will post 0.24 earnings per share for the current fiscal year.

In other news, CEO Nicholas Stewart Green sold 2,786 shares of Avid Bioservices stock in a transaction dated Monday, October 11th. The shares were sold at an average price of $22.37, for a total transaction of $62,322.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 22,596 shares of company stock valued at $565,129 over the last quarter. Corporate insiders own 1.49% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Punch & Associates Investment Management Inc. raised its position in shares of Avid Bioservices by 0.9% in the second quarter. Punch & Associates Investment Management Inc. now owns 764,780 shares of the biopharmaceutical company’s stock valued at $19,617,000 after purchasing an additional 7,145 shares during the period. Parametric Portfolio Associates LLC grew its stake in Avid Bioservices by 64.2% during the second quarter. Parametric Portfolio Associates LLC now owns 70,432 shares of the biopharmaceutical company’s stock valued at $1,807,000 after acquiring an additional 27,537 shares in the last quarter. Morgan Stanley grew its stake in Avid Bioservices by 148.0% during the second quarter. Morgan Stanley now owns 599,312 shares of the biopharmaceutical company’s stock valued at $15,372,000 after acquiring an additional 357,664 shares in the last quarter. Wells Fargo & Company MN grew its stake in Avid Bioservices by 5.8% during the second quarter. Wells Fargo & Company MN now owns 180,685 shares of the biopharmaceutical company’s stock valued at $4,634,000 after acquiring an additional 9,888 shares in the last quarter. Finally, Castleark Management LLC purchased a new position in Avid Bioservices during the second quarter valued at approximately $4,400,000. 86.40% of the stock is currently owned by institutional investors.

Avid Bioservices Company Profile (NASDAQ:CDMO)

Avid Bioservices, Inc engages in the commercial manufacturing. The firm focuses on the biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions and support.

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