Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Up 31.0% in June

Avid Bioservices, Inc. (NASDAQ:CDMO) was the target of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 15,080,000 shares, a growth of 31.0% from the May 31st total of 11,510,000 shares. Based on an average daily trading volume, of 1,030,000 shares, the days-to-cover ratio is presently 14.6 days.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 11,762 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total value of $87,038.80. Following the completion of the sale, the chief executive officer now owns 203,606 shares in the company, valued at approximately $1,506,684.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 17,236 shares of company stock valued at $127,546. 2.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Avid Bioservices

Institutional investors have recently added to or reduced their stakes in the business. CWM LLC raised its position in shares of Avid Bioservices by 3,125.0% in the fourth 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 first quarter worth $46,000. Oxford Asset Management LLP bought a new position in shares of Avid Bioservices in the fourth quarter worth $68,000. Evoke Wealth LLC purchased a new position in shares of Avid Bioservices in the fourth quarter valued at $125,000. Finally, E Fund Management Co. Ltd. bought a new stake in shares of Avid Bioservices during the 4th quarter valued at $132,000. 97.16% of the stock is owned by hedge funds and other institutional investors.

Avid Bioservices Stock Performance

Shares of Avid Bioservices stock traded down $0.02 on Monday, reaching $7.12. 1,276,222 shares of the company traded hands, compared to its average volume of 1,192,050. The company has a 50 day moving average of $7.97 and a 200 day moving average of $7.21. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.46 and a quick ratio of 0.31. Avid Bioservices has a 52 week low of $4.07 and a 52 week high of $14.28. The firm has a market capitalization of $451.98 million, a PE ratio of -26.37 and a beta of 1.36.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The firm had revenue of $33.82 million during the quarter, compared to analysts’ expectations of $33.80 million. Avid Bioservices had a negative return on equity of 8.78% and a negative net margin of 13.10%. Equities analysts forecast that Avid Bioservices will post -0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada lifted their price target on Avid Bioservices from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

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.