Avid Bioservices (NASDAQ:CDMO) Sees Strong Trading Volume – Still a Buy?

Avid Bioservices, Inc. (NASDAQ:CDMO) saw an uptick in trading volume on Thursday . 4,934,812 shares were traded during trading, an increase of 282% from the previous session’s volume of 1,291,405 shares.The stock last traded at $12.04 and had previously closed at $12.20.

Wall Street Analyst Weigh In

Several brokerages recently commented on CDMO. StockNews.com upgraded Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Stephens reiterated an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a report on Tuesday, September 10th. Royal Bank of Canada restated a “sector perform” rating and set a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Finally, Craig Hallum lowered Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $13.63.

Avid Bioservices Trading Down 2.2 %

The stock has a market cap of $761.01 million, a price-to-earnings ratio of -5.38 and a beta of 1.40. The business has a 50 day simple moving average of $10.72 and a two-hundred day simple moving average of $9.54. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The company had revenue of $40.17 million during the quarter, compared to analyst estimates 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 analysts anticipate that Avid Bioservices, Inc. will post -0.38 EPS for the current year.

Insider Transactions at Avid Bioservices

In related news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $10.05, for a total value of $172,588.65. Following the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. This trade represents a 7.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 19,323 shares of company stock worth $194,208. 3.05% of the stock is currently owned by corporate insiders.

Institutional Trading of Avid Bioservices

Several hedge funds have recently made changes to their positions in CDMO. Emerald Advisers LLC bought a new stake in Avid Bioservices during the 3rd quarter valued at $16,489,000. Emerald Mutual Fund Advisers Trust bought a new stake in Avid Bioservices during the 3rd quarter valued at $11,953,000. Point72 Asset Management L.P. raised its stake in Avid Bioservices by 51.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after acquiring an additional 904,733 shares in the last quarter. American Century Companies Inc. raised its stake in Avid Bioservices by 5,631.6% during the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after acquiring an additional 713,523 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in Avid Bioservices by 171.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,112,592 shares of the biopharmaceutical company’s stock valued at $12,661,000 after acquiring an additional 702,553 shares in the last quarter. Institutional investors own 97.16% of the company’s stock.

Avid Bioservices Company Profile

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.