Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating) dropped 8.5% during trading on Friday . The stock traded as low as $17.53 and last traded at $17.53. Approximately 2,427 shares changed hands during trading, a decline of 99% from the average daily volume of 447,412 shares. The stock had previously closed at $19.15.
Analysts Set New Price Targets
Separately, Royal Bank of Canada cut their price objective on Avid Bioservices from $32.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, June 30th. One analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $26.67.
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Avid Bioservices Stock Performance
The firm has a market cap of $1.10 billion, a PE ratio of 9.90 and a beta of 2.15. The company has a 50 day simple moving average of $18.32 and a 200-day simple moving average of $17.00. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.94 and a quick ratio of 1.61.
Avid Bioservices (NASDAQ:CDMO – Get Rating) last issued its earnings results on Wednesday, June 29th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.06. The business had revenue of $31.23 million during the quarter, compared to analyst estimates of $29.20 million. Avid Bioservices had a return on equity of 10.03% and a net
margin of 97.93%. As a group, equities research analysts anticipate that Avid Bioservices, Inc. will post 0.06 EPS for the current year.
Insiders Place Their Bets
In other news, Director Richard B. Hancock sold 2,463 shares of the stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $16.02, for a total transaction of $39,457.26. Following the completion of the sale, the director now owns 38,936 shares of the company's stock, valued at $623,754.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Richard B. Hancock sold 7,537 shares of the company's stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $16.07, for a total transaction of $121,119.59. Following the completion of the transaction, the director now owns 35,201 shares in the company, valued at $565,680.07. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard B. Hancock sold 2,463 shares of the company's stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $16.02, for a total value of $39,457.26. Following the transaction, the director now owns 38,936 shares of the company's stock, valued at approximately $623,754.72. The disclosure for this sale can be found here. Insiders sold a total of 73,196 shares of company stock valued at $1,304,059 over the last quarter. 1.86% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Avid Bioservices
A number of hedge funds and other institutional investors have recently made changes to their positions in CDMO. Envestnet Asset Management Inc. raised its holdings in Avid Bioservices by 259.4% in the first quarter. Envestnet Asset Management Inc. now owns 53,738 shares of the biopharmaceutical company's stock worth $1,095,000 after purchasing an additional 38,786 shares in the last quarter. Parkman Healthcare Partners LLC raised its holdings in Avid Bioservices by 40.5% in the first quarter. Parkman Healthcare Partners LLC now owns 407,458 shares of the biopharmaceutical company's stock worth $8,300,000 after purchasing an additional 117,458 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Avid Bioservices by 8.0% in the first quarter. New York State Common Retirement Fund now owns 630,605 shares of the biopharmaceutical company's stock worth $12,845,000 after acquiring an additional 46,808 shares during the last quarter. Comerica Bank grew its stake in shares of Avid Bioservices by 2.1% in the first quarter. Comerica Bank now owns 52,044 shares of the biopharmaceutical company's stock worth $948,000 after acquiring an additional 1,070 shares during the last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of Avid Bioservices by 24.2% in the first quarter. Fisher Asset Management LLC now owns 208,142 shares of the biopharmaceutical company's stock worth $4,240,000 after acquiring an additional 40,489 shares during the last quarter. Institutional investors own 98.80% of the company's stock.
About Avid Bioservices
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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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