Shares of Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating) traded up 8.2% on Thursday . The company traded as high as $17.59 and last traded at $17.57. 11,062 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 414,194 shares. The stock had previously closed at $16.24.
Analyst Upgrades and Downgrades
Separately, Royal Bank of Canada decreased their price objective on Avid Bioservices from $32.00 to $22.00 and set an "outperform" rating on the stock in a report on Thursday, June 30th. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $26.67.
Get Avid Bioservices alerts:Avid Bioservices Stock Up 5.5 %
The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 9.81 and a beta of 2.15. The business has a 50 day simple moving average of $18.06 and a 200-day simple moving average of $17.06. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.03 and a current ratio of 2.38.
Avid Bioservices (NASDAQ:CDMO – Get Rating) last issued its quarterly earnings data on Wednesday, June 29th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.06. The firm had revenue of $31.23 million during the quarter, compared to the consensus estimate of $29.20 million. Avid Bioservices had a return on equity of 12.29% and a net margin of 97.93%. On average, equities analysts expect that Avid Bioservices, Inc. will post 0.06 EPS for the current year.Insider Buying and Selling
In other Avid Bioservices news, Director Richard B. Hancock sold 2,463 shares of Avid Bioservices stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $16.02, for a total value of $39,457.26. Following the completion of the transaction, the director now directly owns 38,936 shares of the company's stock, valued at approximately $623,754.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Richard B. Hancock sold 2,463 shares of Avid Bioservices stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $16.02, for a total value of $39,457.26. Following the completion of the transaction, the director now owns 38,936 shares in the company, valued at approximately $623,754.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard B. Hancock sold 5,000 shares of Avid Bioservices stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $16.03, for a total value of $80,150.00. Following the completion of the transaction, the director now owns 35,201 shares of the company's stock, valued at approximately $564,272.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,196 shares of company stock valued at $1,304,059. 1.86% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Avid Bioservices
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. lifted its stake in Avid Bioservices by 0.5% during the second quarter. Macquarie Group Ltd. now owns 114,182 shares of the biopharmaceutical company's stock worth $1,743,000 after purchasing an additional 552 shares during the last quarter. First Republic Investment Management Inc. lifted its stake in Avid Bioservices by 4.1% during the second quarter. First Republic Investment Management Inc. now owns 14,038 shares of the biopharmaceutical company's stock worth $214,000 after purchasing an additional 559 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in Avid Bioservices by 3.8% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 16,034 shares of the biopharmaceutical company's stock worth $468,000 after purchasing an additional 592 shares during the last quarter. Independent Advisor Alliance lifted its stake in Avid Bioservices by 3.7% during the second quarter. Independent Advisor Alliance now owns 16,848 shares of the biopharmaceutical company's stock worth $257,000 after purchasing an additional 600 shares during the last quarter. Finally, Advisor Group Holdings Inc. lifted its stake in Avid Bioservices by 14.0% during the fourth quarter. Advisor Group Holdings Inc. now owns 5,023 shares of the biopharmaceutical company's stock worth $146,000 after purchasing an additional 615 shares during the last quarter. Hedge funds and other 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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