Avid Bioservices (NASDAQ:CDMO) Earns “Overweight” Rating from Stephens

Stephens reaffirmed their overweight rating on shares of Avid Bioservices (NASDAQ:CDMO) in a research note issued to investors on Tuesday morning, Benzinga reports. Stephens currently has a $12.00 price target on the biopharmaceutical company’s stock.

CDMO has been the subject of a number of other research reports. Royal Bank of Canada reiterated an outperform rating and issued a $8.00 price target on shares of Avid Bioservices in a report on Wednesday, July 3rd. William Blair reiterated a market perform rating on shares of Avid Bioservices in a report on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Avid Bioservices currently has an average rating of Moderate Buy and a consensus target price of $13.50.

Avid Bioservices Price Performance

CDMO stock opened at $11.16 on Tuesday. Avid Bioservices has a one year low of $4.07 and a one year high of $11.57. The stock has a market capitalization of $711.90 million, a PE ratio of -5.05 and a beta of 1.37. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.31 and a current ratio of 1.46. The company has a fifty day moving average of $9.97 and a 200-day moving average of $8.35.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.10). Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The firm had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. As a group, analysts expect that Avid Bioservices will post -0.31 EPS for the current year.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total transaction of $57,733.78. Following the completion of the transaction, the chief executive officer now directly owns 212,314 shares in the company, valued at approximately $1,600,847.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders sold 9,216 shares of company stock worth $69,984. 2.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avid Bioservices

Several hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC increased its holdings in Avid Bioservices by 15.8% during the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after acquiring an additional 695,512 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Avid Bioservices by 1.3% during the first quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock worth $24,557,000 after buying an additional 47,315 shares in the last quarter. AltraVue Capital LLC grew its holdings in shares of Avid Bioservices by 7.6% during the second quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after buying an additional 239,343 shares in the last quarter. 12 West Capital Management LP purchased a new stake in shares of Avid Bioservices during the first quarter worth about $18,425,000. Finally, Point72 Asset Management L.P. grew its holdings in shares of Avid Bioservices by 51.2% during the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock worth $19,086,000 after buying an additional 904,733 shares in the last quarter. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

Avid Bioservices Company Profile

Avid Bioservices, Inc operates as a contract development and manufacturing organization for the biotechnology and biopharmaceutical industries in the United States. It provides process development and current good manufacturing practice clinical and commercial manufacturing services of biologics, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, regulatory submission and support, upstream and downstream development and optimization, analytical methods development, cell line development, testing, and characterization services.