Avid Bioservices (NASDAQ:CDMO) PT Raised to $8.00 at Royal Bank of Canada

Avid Bioservices (NASDAQ:CDMO) had its target price lifted by investment analysts at Royal Bank of Canada from $7.00 to $8.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price points to a potential upside of 4.30% from the stock’s previous close.

Avid Bioservices Stock Performance

CDMO opened at $7.67 on Tuesday. The company has a 50 day simple moving average of $7.02 and a two-hundred day simple moving average of $6.51. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.46 and a quick ratio of 0.31. The firm has a market cap of $486.89 million, a P/E ratio of -28.41 and a beta of 1.63. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $18.86.

Hedge Funds Weigh In On Avid Bioservices

Large investors have recently made changes to their positions in the business. CWM LLC increased its holdings in shares of Avid Bioservices by 3,125.0% in the fourth quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 6,500 shares during the last quarter. Mather Group LLC. purchased a new position in Avid Bioservices in the first quarter worth about $46,000. Oxford Asset Management LLP purchased a new position in Avid Bioservices in the fourth quarter worth about $68,000. Advisor Partners II LLC bought a new stake in Avid Bioservices during the third quarter worth approximately $98,000. Finally, Evoke Wealth LLC purchased a new stake in Avid Bioservices during the fourth quarter valued at approximately $125,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

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.