Avid Bioservices (NASDAQ:CDMO) Rating Reiterated by Stephens

Avid Bioservices (NASDAQ:CDMO – Get Rating)‘s stock had its “overweight” rating reiterated by investment analysts at Stephens in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $22.00 target price on the biopharmaceutical company’s stock. Stephens’ price target points to a potential upside of 25.93% from the company’s previous close.

Several other equities research analysts have also recently weighed in on CDMO. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Wednesday, December 7th. Royal Bank of Canada cut their price objective on shares of Avid Bioservices from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, December 7th. Finally, Craig Hallum dropped their target price on shares of Avid Bioservices from $30.00 to $25.00 in a report on Wednesday, December 7th.

Avid Bioservices Trading Down 7.0 %

CDMO opened at $17.47 on Tuesday. Avid Bioservices has a twelve month low of $11.30 and a twelve month high of $22.38. The company has a 50-day simple moving average of $16.15 and a 200 day simple moving average of $15.98. The company has a quick ratio of 1.30, a current ratio of 1.77 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 10.34 and a beta of 1.76.

Insider Transactions at Avid Bioservices

In other news, Director Richard B. Hancock sold 5,000 shares of the stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $16.59, for a total value of $82,950.00. Following the completion of the transaction, the director now owns 39,134 shares of the company’s stock, valued at $649,233.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Nicholas Stewart Green sold 8,100 shares of the company’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $14.44, for a total value of $116,964.00. Following the completion of the transaction, the chief executive officer now owns 83,729 shares of the company’s stock, valued at $1,209,046.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard B. Hancock sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $16.59, for a total value of $82,950.00. Following the completion of the transaction, the director now directly owns 39,134 shares of the company’s stock, valued at approximately $649,233.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,749 shares of company stock valued at $398,266. 1.86% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Macquarie Group Ltd. increased its stake in shares of Avid Bioservices by 0.5% in the second quarter. Macquarie Group Ltd. now owns 114,182 shares of the biopharmaceutical company’s stock valued at $1,743,000 after buying an additional 552 shares during the period. First Republic Investment Management Inc. increased its position in Avid Bioservices by 4.1% during the 2nd quarter. First Republic Investment Management Inc. now owns 14,038 shares of the biopharmaceutical company’s stock valued at $214,000 after purchasing an additional 559 shares during the period. Arizona State Retirement System increased its position in Avid Bioservices by 4.5% during the 4th quarter. Arizona State Retirement System now owns 17,542 shares of the biopharmaceutical company’s stock valued at $242,000 after purchasing an additional 763 shares during the period. Texas Permanent School Fund increased its position in Avid Bioservices by 1.8% during the 2nd quarter. Texas Permanent School Fund now owns 44,445 shares of the biopharmaceutical company’s stock valued at $678,000 after purchasing an additional 787 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in Avid Bioservices by 4.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 23,183 shares of the biopharmaceutical company’s stock valued at $319,000 after purchasing an additional 1,009 shares during the period. Institutional investors and hedge funds own 98.95% of the company’s stock.

Avid Bioservices Company Profile

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Avid Bioservices, Inc engages in the commercial manufacturing. The firm focuses on the biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions and support.