Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Update

Avid Bioservices, Inc. (NASDAQ:CDMO) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 10,710,000 shares, a decrease of 8.0% from the November 30th total of 11,640,000 shares. Based on an average trading volume of 1,830,000 shares, the days-to-cover ratio is presently 5.9 days.

Insider Transactions at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 145,911 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total value of $1,783,032.42. Following the sale, the chief executive officer now owns 157,620 shares in the company, valued at approximately $1,926,116.40. This represents a 48.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Daniel R. Hart sold 22,813 shares of Avid Bioservices stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $12.22, for a total transaction of $278,774.86. Following the transaction, the chief financial officer now directly owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. This trade represents a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 366,890 shares of company stock worth $4,454,227 over the last 90 days. 3.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in Avid Bioservices by 283.0% during the third quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock worth $1,237,000 after purchasing an additional 80,308 shares during the period. Lord Abbett & CO. LLC acquired a new position in Avid Bioservices in the third quarter valued at approximately $6,194,000. Franklin Resources Inc. grew its position in Avid Bioservices by 11.5% in the third quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock worth $692,000 after acquiring an additional 6,259 shares during the period. Barclays PLC increased its stake in Avid Bioservices by 98.1% during the third quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock worth $1,532,000 after acquiring an additional 66,653 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Avid Bioservices by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock valued at $16,688,000 after purchasing an additional 34,328 shares during the period. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Avid Bioservices Trading Up 0.2 %

Avid Bioservices stock traded up $0.02 during trading on Tuesday, reaching $12.35. 1,821,817 shares of the company were exchanged, compared to its average volume of 1,312,491. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.30 and a quick ratio of 1.05. The stock’s 50 day simple moving average is $11.83 and its two-hundred day simple moving average is $10.50. The company has a market capitalization of $789.94 million, a P/E ratio of -5.17 and a beta of 1.44. Avid Bioservices has a 52-week low of $5.65 and a 52-week high of $12.48.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CDMO shares. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Company Profile

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.