Avid Bioservices (NASDAQ:CDMO) Shares Gap Down to $9.28

Avid Bioservices, Inc. (NASDAQ:CDMO) shares gapped down before the market opened on Tuesday . The stock had previously closed at $9.28, but opened at $9.01. Avid Bioservices shares last traded at $9.27, with a volume of 33,517 shares traded.

Analyst Ratings Changes

Separately, Royal Bank of Canada upped their target price on Avid Bioservices from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Avid Bioservices has an average rating of “Moderate Buy” and an average price target of $14.50.

Avid Bioservices Trading Up 0.1 %

The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average is $7.40 and its 200 day moving average is $6.72. The company has a market cap of $577.03 million, a price-to-earnings ratio of -33.67 and a beta of 1.55.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). The business had revenue of $33.82 million during the quarter, compared to analysts’ expectations of $33.80 million. Avid Bioservices had a negative net margin of 13.10% and a negative return on equity of 8.78%. Research analysts predict that Avid Bioservices, Inc. will post -0.23 EPS for the current year.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 11,762 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total transaction of $87,038.80. Following the completion of the sale, the chief executive officer now owns 203,606 shares of the company’s stock, valued at $1,506,684.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 17,236 shares of company stock valued at $127,546. 2.39% of the stock is owned by company insiders.

Institutional Trading of Avid Bioservices

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Avid Bioservices by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock valued at $41,791,000 after purchasing an additional 13,190 shares in the last quarter. 12 West Capital Management LP acquired a new position in Avid Bioservices during the first quarter worth about $18,425,000. Artisan Partners Limited Partnership raised its holdings in Avid Bioservices by 12.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,672,302 shares of the biopharmaceutical company’s stock valued at $15,787,000 after acquiring an additional 184,930 shares during the last quarter. Wellington Management Group LLP lifted its stake in Avid Bioservices by 27.1% in the 4th quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock worth $9,612,000 after purchasing an additional 315,600 shares in the last quarter. Finally, AWM Investment Company Inc. boosted its holdings in shares of Avid Bioservices by 1.7% during the 3rd quarter. AWM Investment Company Inc. now owns 999,926 shares of the biopharmaceutical company’s stock worth $9,439,000 after purchasing an additional 17,100 shares during the last quarter. 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.