Avid Bioservices’ (CDMO) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “sector perform” rating reaffirmed by Royal Bank of Canada in a research note issued on Thursday, Marketbeat reports. They currently have a $12.50 target price on the biopharmaceutical company’s stock, up from their previous target price of $12.00. Royal Bank of Canada’s target price suggests a potential upside of 1.96% from the company’s previous close.

CDMO has been the subject of several other reports. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Tuesday, September 10th. Stephens reiterated an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, StockNews.com upgraded Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Price Performance

CDMO stock traded up $0.02 during midday trading on Thursday, reaching $12.26. 5,233,098 shares of the company’s stock traded hands, compared to its average volume of 1,238,037. The company has a 50-day simple moving average of $10.58 and a two-hundred day simple moving average of $9.41. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $12.48. The company has a market cap of $782.13 million, a price-to-earnings ratio of -5.40 and a beta of 1.40. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $40.17 million during the quarter, compared to analysts’ expectations of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. On average, analysts anticipate that Avid Bioservices will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total transaction of $172,588.65. Following the transaction, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 19,323 shares of company stock worth $194,208. Corporate insiders own 3.05% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

A number of institutional investors have recently bought and sold shares of CDMO. Meeder Asset Management Inc. acquired a new position in shares of Avid Bioservices in the second quarter valued at approximately $38,000. Quest Partners LLC bought a new stake in shares of Avid Bioservices in the third quarter valued at approximately $38,000. Point72 DIFC Ltd bought a new stake in Avid Bioservices during the second quarter worth $57,000. Principal Financial Group Inc. bought a new stake in Avid Bioservices during the second quarter worth $80,000. Finally, TradeLink Capital LLC bought a new stake in Avid Bioservices during the second quarter worth $92,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

About Avid Bioservices

Avid Bioservices, Inc operates as a contract development and manufacturing organization for the biotechnology and biopharmaceutical industries in the United States. It provides process development and current good manufacturing practice clinical and commercial manufacturing services of biologics, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, regulatory submission and support, upstream and downstream development and optimization, analytical methods development, cell line development, testing, and characterization services.