Avid Bioservices (NASDAQ:CDMO) Trading Up 9.5%

Avid Bioservices, Inc. (NASDAQ:CDMO) was up 9.5% during mid-day trading on Thursday . The stock traded as high as $8.14 and last traded at $8.09. Approximately 448,664 shares changed hands during trading, a decline of 62% from the average daily volume of 1,172,047 shares. The stock had previously closed at $7.39.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada restated an “outperform” rating and issued a $8.00 price target on shares of Avid Bioservices in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Avid Bioservices presently has a consensus rating of “Moderate Buy” and an average target price of $12.67.

Avid Bioservices Price Performance

The stock has a market capitalization of $508.64 million, a P/E ratio of -29.81 and a beta of 1.36. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average price of $7.99 and a two-hundred day moving average price of $7.25.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The company had revenue of $33.82 million for the quarter, compared to the consensus estimate of $33.80 million. On average, analysts expect that Avid Bioservices, Inc. will post -0.31 EPS for the current year.

Insider Activity

In related news, CEO Nicholas Stewart Green sold 11,762 shares of Avid Bioservices stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $7.40, for a total value of $87,038.80. Following the completion of the transaction, the chief executive officer now directly owns 203,606 shares in the company, valued at $1,506,684.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 17,236 shares of company stock worth $127,546 over the last quarter. 2.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avid Bioservices

Large investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. lifted its stake in Avid Bioservices by 313.7% in the second quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock valued at $2,928,000 after buying an additional 310,921 shares during the last quarter. Kennedy Capital Management LLC boosted its position in Avid Bioservices by 74.6% during the first quarter. Kennedy Capital Management LLC now owns 597,089 shares of the biopharmaceutical company’s stock worth $4,000,000 after purchasing an additional 255,201 shares during the period. Kent Lake Capital LLC bought a new stake in shares of Avid Bioservices in the first quarter valued at approximately $1,879,000. Price T Rowe Associates Inc. MD raised its stake in shares of Avid Bioservices by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock valued at $204,000 after purchasing an additional 1,649 shares in the last quarter. Finally, Anson Funds Management LP raised its stake in Avid Bioservices by 20.5% during the first quarter. Anson Funds Management LP now owns 164,313 shares of the biopharmaceutical company’s stock worth $1,101,000 after acquiring an additional 28,000 shares in the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

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.