Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Down 6.7% in March

Avid Bioservices, Inc. (NASDAQ:CDMO) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 10,110,000 shares, a drop of 6.7% from the March 15th total of 10,840,000 shares. Based on an average trading volume of 1,330,000 shares, the days-to-cover ratio is currently 7.6 days.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reiterated an “outperform” rating and issued a $7.00 price objective on shares of Avid Bioservices in a research report on Thursday, March 7th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.25.

Avid Bioservices Price Performance

Shares of CDMO traded up $0.15 during mid-day trading on Tuesday, reaching $6.95. The company had a trading volume of 118,648 shares, compared to its average volume of 1,283,136. The company’s 50-day moving average is $7.04 and its 200-day moving average is $6.67. Avid Bioservices has a twelve month low of $4.07 and a twelve month high of $19.97. The company has a market capitalization of $439.52 million, a P/E ratio of -40.00 and a beta of 1.63. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.35 and a quick ratio of 0.85.

Institutional Investors Weigh In On Avid Bioservices

Several hedge funds and other institutional investors have recently made changes to their positions in CDMO. Meeder Asset Management Inc. bought a new position in shares of Avid Bioservices in the 1st quarter worth $29,000. CWM LLC boosted its position in shares of Avid Bioservices by 3,125.0% in the 4th quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 6,500 shares during the last quarter. Mather Group LLC. bought a new position in shares of Avid Bioservices in the 1st quarter worth $46,000. State of Wyoming boosted its position in shares of Avid Bioservices by 34.9% in the 2nd quarter. State of Wyoming now owns 3,864 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 999 shares during the last quarter. Finally, Oxford Asset Management LLP bought a new position in shares of Avid Bioservices in the 4th quarter worth $68,000. 97.16% of the stock is owned by institutional investors and hedge funds.

Avid Bioservices Company Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.