Avid Bioservices (NASDAQ:CDMO) Stock Rating Reaffirmed by Royal Bank of Canada

Avid Bioservices (NASDAQ:CDMOGet Rating)‘s stock had its “outperform” rating reissued by analysts at Royal Bank of Canada in a report released on Tuesday, Benzinga reports. They presently have a $20.00 target price on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 14.48% from the stock’s previous close.

CDMO has been the topic of a number of other reports. Craig Hallum lowered their target price on shares of Avid Bioservices from $30.00 to $25.00 in a report on Wednesday, December 7th. Stephens reaffirmed an “overweight” rating and set a $22.00 price objective on shares of Avid Bioservices in a research report on Tuesday. Finally, StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Wednesday, December 7th.

Avid Bioservices Stock Performance

Shares of CDMO stock opened at $17.47 on Tuesday. The company’s fifty day simple moving average is $16.15 and its 200-day simple moving average is $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 firm has a market cap of $1.09 billion, a PE ratio of 10.34 and a beta of 1.76. Avid Bioservices has a 12 month low of $11.30 and a 12 month high of $22.38.

Insider Activity

In other news, CEO Nicholas Stewart Green sold 8,100 shares of Avid Bioservices stock in a transaction on Tuesday, January 10th. The shares were sold at an average price of $14.44, for a total value of $116,964.00. Following the completion of the sale, the chief executive officer now owns 83,729 shares in the company, valued at approximately $1,209,046.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Richard B. Hancock sold 5,000 shares of the business’s stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $16.02, for a total value of $80,100.00. Following the transaction, the director now directly owns 39,134 shares of the company’s stock, valued at approximately $626,926.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Nicholas Stewart Green sold 8,100 shares of the business’s stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $14.44, for a total transaction of $116,964.00. Following the completion of the transaction, the chief executive officer now directly owns 83,729 shares in the company, valued at $1,209,046.76. The disclosure for this sale can be found here. Insiders sold 25,749 shares of company stock worth $398,266 in the last quarter. 1.86% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avid Bioservices

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDMO. Lakewood Asset Management LLC bought a new stake in shares of Avid Bioservices during the fourth quarter valued at about $35,000. US Bancorp DE purchased a new stake in Avid Bioservices in the first quarter worth approximately $76,000. Captrust Financial Advisors boosted its stake in Avid Bioservices by 170.6% in the second quarter. Captrust Financial Advisors now owns 7,629 shares of the biopharmaceutical company’s stock worth $116,000 after buying an additional 4,810 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Avid Bioservices by 155.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 7,783 shares of the biopharmaceutical company’s stock valued at $148,000 after purchasing an additional 4,741 shares during the period. Finally, LPL Financial LLC purchased a new stake in shares of Avid Bioservices during the fourth quarter valued at approximately $142,000. 98.95% of the stock is currently owned by institutional investors.

About Avid Bioservices

(Get Rating)

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.

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