Avid Bioservices, Inc. (NASDAQ:CDMO) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Avid Bioservices, Inc. (NASDAQ:CDMOGet Rating) have earned an average recommendation of “Hold” from the five ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating and two have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $26.67.

Separately, Royal Bank of Canada dropped their target price on shares of Avid Bioservices from $32.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, June 30th.

Insider Activity at Avid Bioservices

In related news, Director Richard B. Hancock sold 5,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $19.40, for a total value of $97,000.00. Following the transaction, the director now directly owns 37,215 shares of the company’s stock, valued at approximately $721,971. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Nicholas Stewart Green sold 19,058 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $19.22, for a total transaction of $366,294.76. Following the completion of the sale, the chief executive officer now owns 69,708 shares in the company, valued at approximately $1,339,787.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard B. Hancock sold 5,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $19.40, for a total transaction of $97,000.00. Following the sale, the director now owns 37,215 shares of the company’s stock, valued at approximately $721,971. The disclosure for this sale can be found here. Insiders have sold 73,196 shares of company stock valued at $1,304,059 in the last ninety days. Insiders own 1.49% of the company’s stock.

Institutional Trading of Avid Bioservices

A number of large investors have recently bought and sold shares of CDMO. Allspring Global Investments Holdings LLC acquired a new stake in shares of Avid Bioservices in the 4th quarter worth $4,739,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of Avid Bioservices in the 4th quarter worth $2,432,000. Yousif Capital Management LLC acquired a new stake in shares of Avid Bioservices in the 4th quarter worth $1,755,000. Assenagon Asset Management S.A. lifted its stake in shares of Avid Bioservices by 145.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 271,898 shares of the biopharmaceutical company’s stock worth $7,934,000 after acquiring an additional 161,154 shares during the period. Finally, Oregon Public Employees Retirement Fund acquired a new stake in shares of Avid Bioservices in the 4th quarter worth $686,000. Institutional investors and hedge funds own 99.36% of the company’s stock.

Avid Bioservices Trading Up 0.9 %

Shares of NASDAQ:CDMO opened at $19.36 on Friday. Avid Bioservices has a 52 week low of $11.30 and a 52 week high of $34.51. The company’s 50 day moving average is $16.14 and its two-hundred day moving average is $17.28. The company has a current ratio of 2.38, a quick ratio of 2.03 and a debt-to-equity ratio of 0.81. The company has a market cap of $1.20 billion, a PE ratio of 10.46 and a beta of 2.15.

Avid Bioservices (NASDAQ:CDMOGet Rating) last announced its quarterly earnings data on Wednesday, June 29th. The biopharmaceutical company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. Avid Bioservices had a net margin of 106.75% and a return on equity of 19.70%. The company had revenue of $31.23 million for the quarter, compared to the consensus estimate of $29.20 million. Equities analysts predict that Avid Bioservices will post 0.06 earnings per share for the current fiscal year.

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. The company 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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