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

Avid Bioservices, Inc. (NASDAQ:CDMO) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 15,080,000 shares, a growth 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 Price Performance

Shares of NASDAQ:CDMO traded up $0.13 on Friday, hitting $7.14. The stock had a trading volume of 1,022,074 shares, compared to its average volume of 964,517. The firm’s 50 day moving average price is $7.96 and its 200-day moving average price is $7.20. Avid Bioservices has a twelve month low of $4.07 and a twelve month high of $14.33. The company has a market capitalization of $453.25 million, a price-to-earnings ratio of -26.44 and a beta of 1.50. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.31 and a current ratio of 0.46.

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

Insider Buying and Selling

In other news, CEO Nicholas Stewart Green sold 11,762 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 17,236 shares of company stock valued at $127,546. 2.39% of the stock is currently owned by company insiders.

Institutional Trading of Avid Bioservices

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDMO. CWM LLC grew its stake in Avid Bioservices by 3,125.0% during the fourth quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock worth $44,000 after buying an additional 6,500 shares in the last quarter. Mather Group LLC. bought a new position in Avid Bioservices in the 1st quarter valued at about $46,000. Oxford Asset Management LLP purchased a new stake in shares of Avid Bioservices in the fourth quarter valued at about $68,000. Evoke Wealth LLC bought a new stake in Avid Bioservices during the fourth quarter worth $125,000. Finally, E Fund Management Co. Ltd. purchased a new position in Avid Bioservices in the fourth quarter valued at about $132,000. 97.16% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada increased their price target on Avid Bioservices from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

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.