Avid Bioservices, Inc. (NASDAQ:CDMO) Receives Average Recommendation of “Buy” from Brokerages

Shares of Avid Bioservices, Inc. (NASDAQ:CDMOGet Rating) have received a consensus recommendation of “Buy” from the six analysts that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $29.50.

Several brokerages have issued reports on CDMO. Craig Hallum dropped their target price on Avid Bioservices from $35.00 to $30.00 in a research report on Wednesday, March 9th. StockNews.com began coverage on Avid Bioservices in a research report on Thursday, March 31st. They set a “sell” rating on the stock. Finally, Stephens lowered their price objective on Avid Bioservices from $31.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 9th.

In related news, General Counsel Mark R. Ziebell sold 1,974 shares of Avid Bioservices stock in a transaction that occurred on Monday, March 21st. The stock was sold at an average price of $22.03, for a total transaction of $43,487.22. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard B. Hancock sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $21.21, for a total value of $106,050.00. Following the transaction, the director now directly owns 35,200 shares in the company, valued at approximately $746,592. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,007 shares of company stock worth $224,390. Insiders own 1.49% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its position in shares of Avid Bioservices by 3.8% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 16,034 shares of the biopharmaceutical company’s stock valued at $468,000 after purchasing an additional 592 shares during the last quarter. Advisor Group Holdings Inc. increased its position in shares of Avid Bioservices by 14.0% during the 4th quarter. Advisor Group Holdings Inc. now owns 5,023 shares of the biopharmaceutical company’s stock valued at $146,000 after purchasing an additional 615 shares during the last quarter. Credit Suisse AG boosted its holdings in Avid Bioservices by 1.0% during the 4th quarter. Credit Suisse AG now owns 69,598 shares of the biopharmaceutical company’s stock valued at $2,031,000 after acquiring an additional 693 shares during the period. Point72 Hong Kong Ltd boosted its holdings in Avid Bioservices by 36.6% during the 3rd quarter. Point72 Hong Kong Ltd now owns 2,741 shares of the biopharmaceutical company’s stock valued at $59,000 after acquiring an additional 735 shares during the period. Finally, Covestor Ltd purchased a new position in Avid Bioservices during the 4th quarter valued at $25,000. 99.36% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:CDMO opened at $12.52 on Friday. The stock has a market capitalization of $772.98 million, a price-to-earnings ratio of 78.25 and a beta of 2.31. The company has a debt-to-equity ratio of 2.50, a quick ratio of 2.36 and a current ratio of 2.63. The stock’s 50-day simple moving average is $14.25 and its two-hundred day simple moving average is $19.55. Avid Bioservices has a 52-week low of $11.30 and a 52-week high of $34.51.

About Avid Bioservices (Get Rating)

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. It produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.

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