Avid Bioservices (NASDAQ:CDMO) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Avid Bioservices (NASDAQ:CDMO) in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. Royal Bank of Canada currently has a $12.50 price target on the biopharmaceutical company’s stock, up from their previous price target of $12.00.

Several other research analysts have also weighed in on the company. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. StockNews.com raised Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Finally, Stephens reiterated an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $13.63.

Avid Bioservices Stock Performance

NASDAQ CDMO traded up $0.02 during trading hours on Thursday, hitting $12.26. 5,233,074 shares of the stock were exchanged, compared to its average volume of 1,238,037. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The stock has a 50-day moving average of $10.54 and a 200 day moving average of $9.37. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $12.48. The company has a market cap of $782.07 million, a price-to-earnings ratio of -5.40 and a beta of 1.40.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $40.17 million during the quarter, compared to the consensus estimate of $39.50 million. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. As a group, equities research analysts forecast that Avid Bioservices will post -0.38 earnings per share for the current year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares in the company, valued at approximately $2,277,862.65. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 19,323 shares of company stock valued at $194,208 over the last quarter. 3.05% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avid Bioservices

Hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC raised its stake in Avid Bioservices by 15.8% in the second quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after purchasing an additional 695,512 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Avid Bioservices by 1.3% in the first quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock valued at $24,557,000 after buying an additional 47,315 shares during the period. AltraVue Capital LLC raised its position in shares of Avid Bioservices by 7.6% in the 2nd quarter. AltraVue Capital LLC now owns 3,395,263 shares of the biopharmaceutical company’s stock worth $24,242,000 after acquiring an additional 239,343 shares in the last quarter. 12 West Capital Management LP acquired a new position in shares of Avid Bioservices in the 1st quarter valued at about $18,425,000. Finally, Point72 Asset Management L.P. grew its stake in Avid Bioservices by 51.2% during the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock worth $19,086,000 after purchasing an additional 904,733 shares during the period. 97.16% of the stock is owned by institutional investors.

About Avid Bioservices

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.