Avid Bioservices (NASDAQ:CDMO – Get Free Report)‘s stock had its “outperform” rating reiterated by stock analysts at Royal Bank of Canada in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $8.00 price target on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price points to a potential upside of 11.27% from the stock’s current price.
Avid Bioservices Stock Performance
Shares of NASDAQ:CDMO traded up $0.49 on Wednesday, hitting $7.19. The company had a trading volume of 353,055 shares, compared to its average volume of 1,182,154. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average price of $7.97 and a 200 day moving average price of $7.21. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $14.27. The stock has a market cap of $456.42 million, a price-to-earnings ratio of -26.41 and a beta of 1.36.
Avid Bioservices (NASDAQ:CDMO – Get Free Report) last released its quarterly earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Avid Bioservices had a negative net margin of 13.10% and a negative return on equity of 8.78%. The business had revenue of $33.82 million during the quarter, compared to analyst estimates of $33.80 million. Analysts expect that Avid Bioservices will post -0.23 EPS for the current year.
Insider Activity at Avid Bioservices
Institutional Investors Weigh In On Avid Bioservices
Institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC lifted its holdings 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 worth $44,000 after acquiring an additional 6,500 shares during the last quarter. Mather Group LLC. acquired a new position in shares of Avid Bioservices in the first quarter valued at approximately $46,000. Oxford Asset Management LLP acquired a new position in shares of Avid Bioservices in the fourth quarter valued at approximately $68,000. Evoke Wealth LLC acquired a new position in shares of Avid Bioservices in the fourth quarter valued at approximately $125,000. Finally, E Fund Management Co. Ltd. acquired a new position in shares of Avid Bioservices in the fourth quarter valued at approximately $132,000. Institutional investors own 97.16% of the company’s stock.
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.
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