Avid Bioservices (NASDAQ:CDMO) Price Target Raised to $8.00 at Royal Bank of Canada

Avid Bioservices (NASDAQ:CDMO) had its price target raised by Royal Bank of Canada from $7.00 to $8.00 in a report issued on Tuesday, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Avid Bioservices Stock Performance

Shares of CDMO stock opened at $7.63 on Tuesday. Avid Bioservices has a 52 week low of $4.07 and a 52 week high of $18.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.31 and a current ratio of 0.46. The company’s 50 day moving average price is $7.01 and its two-hundred day moving average price is $6.50. The company has a market capitalization of $484.35 million, a P/E ratio of -28.26 and a beta of 1.63.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in Avid Bioservices by 72.9% during the third quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock worth $10,981,000 after buying an additional 490,569 shares during the last quarter. Federated Hermes Inc. bought a new position in Avid Bioservices in the 4th quarter valued at about $2,090,000. Roubaix Capital LLC boosted its holdings in shares of Avid Bioservices by 374.2% during the fourth quarter. Roubaix Capital LLC now owns 369,158 shares of the biopharmaceutical company’s stock worth $2,400,000 after acquiring an additional 291,315 shares during the period. Trexquant Investment LP bought a new position in shares of Avid Bioservices during the fourth quarter worth approximately $1,259,000. Finally, Rafferty Asset Management LLC increased its position in Avid Bioservices by 96.6% during the 4th quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company’s stock worth $2,478,000 after buying an additional 187,280 shares during the period. 97.16% of the stock is owned by institutional investors and hedge funds.

Avid Bioservices Company Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.