Avid Bioservices Inc (NASDAQ:CDMO) Director Patrick D. Walsh Purchases 30,000 Shares of Stock

Avid Bioservices Inc (NASDAQ:CDMO) Director Patrick D. Walsh acquired 30,000 shares of the stock in a transaction dated Monday, March 23rd. The stock was acquired at an average price of $4.16 per share, with a total value of $124,800.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

NASDAQ:CDMO traded up $0.37 during midday trading on Thursday, reaching $4.79. 271,333 shares of the stock traded hands, compared to its average volume of 647,420. The company has a fifty day moving average of $5.80 and a 200 day moving average of $5.97. Avid Bioservices Inc has a 12 month low of $3.02 and a 12 month high of $8.38. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.31 and a current ratio of 1.57. The stock has a market capitalization of $222.54 million, a P/E ratio of -25.21 and a beta of 2.61.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Tuesday, March 10th. The biopharmaceutical company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.03). Avid Bioservices had a negative net margin of 8.35% and a negative return on equity of 10.98%. The firm had revenue of $13.59 million for the quarter, compared to the consensus estimate of $16.80 million. On average, analysts predict that Avid Bioservices Inc will post -0.21 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the stock. Millennium Management LLC raised its holdings in Avid Bioservices by 3,584.8% during the 3rd quarter. Millennium Management LLC now owns 827,284 shares of the biopharmaceutical company’s stock valued at $4,384,000 after buying an additional 804,833 shares during the last quarter. Metropolitan Life Insurance Co NY bought a new position in Avid Bioservices in the 3rd quarter worth $118,000. State Street Corp raised its holdings in Avid Bioservices by 9.4% in the 3rd quarter. State Street Corp now owns 1,027,828 shares of the biopharmaceutical company’s stock worth $5,447,000 after purchasing an additional 87,955 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Avid Bioservices by 7.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 38,129 shares of the biopharmaceutical company’s stock worth $292,000 after purchasing an additional 2,550 shares in the last quarter. Finally, Magnetar Financial LLC bought a new position in Avid Bioservices in the 4th quarter worth $364,000. Institutional investors own 52.62% of the company’s stock.

A number of brokerages have recently weighed in on CDMO. Zacks Investment Research lowered shares of Avid Bioservices from a “hold” rating to a “sell” rating in a report on Friday, March 13th. BidaskClub lowered shares of Avid Bioservices from a “sell” rating to a “strong sell” rating in a report on Saturday, March 14th. Stephens boosted their price objective on shares of Avid Bioservices from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and issued a $9.00 price objective (down from $11.00) on shares of Avid Bioservices in a report on Wednesday, March 11th. Finally, First Analysis upgraded shares of Avid Bioservices from an “outperform” rating to a “strong-buy” rating and set a $7.50 price objective for the company in a report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $9.50.

About Avid Bioservices

Avid Bioservices, Inc, a biologics contract development and manufacturing company, focuses on the development and current Good Manufacturing Practices (cGMP) manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, cGMP clinical, and commercial manufacturing services for the biotechnology and biopharmaceutical industries.

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