William Blair Reiterates Market Perform Rating for Avid Bioservices (NASDAQ:CDMO)

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “market perform” rating restated by analysts at William Blair in a research report issued to clients and investors on Thursday, Benzinga reports.

A number of other analysts have also recently issued reports on CDMO. StockNews.com upgraded Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday. Finally, Stephens reissued an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Avid Bioservices has a consensus rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Stock Up 4.2 %

CDMO opened at $10.98 on Thursday. The stock has a market capitalization of $700.41 million, a price-to-earnings ratio of -4.84 and a beta of 1.40. Avid Bioservices has a 12 month low of $4.07 and a 12 month high of $12.48. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05. The business has a 50-day moving average of $10.51 and a two-hundred day moving average of $9.35.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The company had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. On average, research analysts expect that Avid Bioservices will post -0.29 earnings per share for the current year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the sale, the chief executive officer now directly owns 226,653 shares in the company, valued at $2,277,862.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 19,323 shares of company stock valued at $194,208. Insiders own 3.05% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Several large investors have recently modified their holdings of the stock. 12 West Capital Management LP bought a new stake in Avid Bioservices in the first quarter valued at about $18,425,000. Emerald Advisers LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter valued at approximately $16,489,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Avid Bioservices during the 3rd quarter valued at approximately $11,953,000. Point72 Asset Management L.P. lifted its stake in 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 purchasing an additional 904,733 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Avid Bioservices by 5,631.6% in the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after purchasing an additional 713,523 shares during the period. Institutional investors own 97.16% of the company’s stock.

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.