Avid Bioservices, Inc. (NASDAQ:CDMO) Sees Significant Growth in Short Interest

Avid Bioservices, Inc. (NASDAQ:CDMO) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 15,080,000 shares, an increase of 31.0% from the May 31st total of 11,510,000 shares. Based on an average daily trading volume, of 1,030,000 shares, the days-to-cover ratio is currently 14.6 days.

Avid Bioservices Trading Down 0.3 %

CDMO traded down $0.02 during midday trading on Monday, reaching $7.12. 1,276,222 shares of the company’s stock traded hands, compared to its average volume of 1,192,050. Avid Bioservices has a 52 week low of $4.07 and a 52 week high of $14.28. The stock has a market capitalization of $451.98 million, a price-to-earnings ratio of -26.37 and a beta of 1.36. The firm has a fifty day moving average of $7.97 and a two-hundred day moving average of $7.21. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.46 and a quick ratio of 0.31.

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

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada upped their price objective on Avid Bioservices from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.67.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 11,762 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $7.40, for a total transaction of $87,038.80. Following the completion of the transaction, the chief executive officer now directly owns 203,606 shares in the company, valued at $1,506,684.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 17,236 shares of company stock worth $127,546 over the last ninety days. 2.39% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. CWM LLC grew its stake in shares of Avid Bioservices by 3,125.0% in the 4th quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock worth $44,000 after buying an additional 6,500 shares during the last quarter. Mather Group LLC. purchased a new stake in shares of Avid Bioservices in the 1st quarter worth approximately $46,000. Oxford Asset Management LLP purchased a new stake in shares of Avid Bioservices in the 4th quarter worth approximately $68,000. Evoke Wealth LLC purchased a new stake in shares of Avid Bioservices in the 4th quarter worth approximately $125,000. Finally, E Fund Management Co. Ltd. purchased a new stake in shares of Avid Bioservices in the 4th quarter worth approximately $132,000. Institutional investors own 97.16% of the company’s stock.

About Avid Bioservices

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.