Avid Bioservices (NASDAQ:CDMO) Price Target Raised to $8.00

Avid Bioservices (NASDAQ:CDMO) had its target price raised by Royal Bank of Canada from $7.00 to $8.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 3.90% from the stock’s previous close.

Avid Bioservices Stock Performance

CDMO traded up $0.14 on Tuesday, hitting $7.70. The company’s stock had a trading volume of 291,664 shares, compared to its average volume of 1,260,134. The company’s 50 day simple moving average is $7.01 and its 200-day simple moving average is $6.50. The firm has a market cap of $488.80 million, a P/E ratio of -27.70 and a beta of 1.63. Avid Bioservices has a 12 month low of $4.07 and a 12 month high of $18.86. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CDMO. CWM LLC boosted its holdings in Avid Bioservices by 3,125.0% in the 4th quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 6,500 shares during the period. Mather Group LLC. purchased a new stake in shares of Avid Bioservices during the 1st quarter valued at $46,000. Oxford Asset Management LLP purchased a new stake in shares of Avid Bioservices during the 4th quarter valued at $68,000. Advisor Partners II LLC purchased a new stake in shares of Avid Bioservices during the 3rd quarter valued at $98,000. Finally, Evoke Wealth LLC purchased a new stake in shares of Avid Bioservices during the 4th quarter valued at $125,000. 97.16% of the stock is owned by institutional investors.

About Avid Bioservices

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.