Avid Bioservices (NASDAQ:CDMO) Stock Crosses Above 200 Day Moving Average of $7.25

Avid Bioservices, Inc. (NASDAQ:CDMO) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $7.25 and traded as high as $7.74. Avid Bioservices shares last traded at $7.39, with a volume of 521,726 shares trading hands.

Analyst Ratings Changes

Separately, Royal Bank of Canada reiterated an “outperform” rating and set a $8.00 price objective on shares of Avid Bioservices in a report on Wednesday, July 3rd. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.67.

Avid Bioservices Stock Up 4.0 %

The stock has a market cap of $528.99 million, a price-to-earnings ratio of -3.82 and a beta of 1.36. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average of $7.98 and a two-hundred day moving average of $7.25.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The firm had revenue of $33.82 million during the quarter, compared to analysts’ expectations of $33.80 million. As a group, analysts predict that Avid Bioservices, Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Nicholas Stewart Green sold 11,762 shares of Avid Bioservices stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total transaction of $87,038.80. Following the sale, the chief executive officer now directly owns 203,606 shares in the company, valued at $1,506,684.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 25,803 shares of company stock valued at $192,142 in the last quarter. Company insiders own 2.39% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP lifted its stake in Avid Bioservices by 72.9% during the third quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock worth $10,981,000 after purchasing an additional 490,569 shares during the period. Vanguard Group Inc. boosted its stake in shares of Avid Bioservices by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock valued at $41,791,000 after purchasing an additional 13,190 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Avid Bioservices in the 4th quarter worth about $370,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Avid Bioservices by 19.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,761 shares of the biopharmaceutical company’s stock worth $265,000 after purchasing an additional 6,745 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in Avid Bioservices during the 4th quarter valued at about $2,090,000. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Company Profile

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.