Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) insider Richard A. Richieri sold 2,031 shares of Avid Bioservices stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $20,411.55. Following the sale, the insider now directly owns 37,704 shares in the company, valued at $378,925.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Avid Bioservices Stock Performance
Shares of NASDAQ CDMO opened at $10.32 on Friday. Avid Bioservices, Inc. has a 52-week low of $4.07 and a 52-week high of $12.48. 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 market capitalization of $658.31 million, a price-to-earnings ratio of -4.55 and a beta of 1.38. The stock's fifty day simple moving average is $10.66 and its 200 day simple moving average is $8.87.
Avid Bioservices (NASDAQ:CDMO - Get Free Report) last issued its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. The business had revenue of $40.17 million for 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, sell-side analysts forecast that Avid Bioservices, Inc. will post -0.29 earnings per share for the current fiscal year.
Institutional Trading of Avid Bioservices
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A number of institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its position in shares of Avid Bioservices by 27.1% in the fourth quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company's stock worth $9,612,000 after buying an additional 315,600 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of Avid Bioservices in the first quarter worth about $46,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Avid Bioservices by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company's stock worth $293,000 after buying an additional 2,900 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Avid Bioservices by 50.8% in the first quarter. BNP Paribas Financial Markets now owns 310,559 shares of the biopharmaceutical company's stock worth $2,081,000 after buying an additional 104,573 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Avid Bioservices by 104.5% in the first quarter. Janney Montgomery Scott LLC now owns 61,545 shares of the biopharmaceutical company's stock worth $412,000 after buying an additional 31,450 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have weighed in on CDMO shares. Stephens reaffirmed an "overweight" rating and set a $12.00 target price on shares of Avid Bioservices in a research note on Tuesday, September 10th. Royal Bank of Canada lifted their price target on Avid Bioservices from $8.00 to $12.00 and gave the company an "outperform" rating in a research report on Tuesday, September 10th. William Blair restated a "market perform" rating on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, StockNews.com upgraded Avid Bioservices to a "sell" rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $13.50.
Check Out Our Latest Stock Analysis on CDMO
Avid Bioservices Company Profile
(
Get Free Report)
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.
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