Royal Bank of Canada Reaffirms Sector Perform Rating for Avid Bioservices (NASDAQ:CDMO)

Royal Bank of Canada reiterated their sector perform rating on shares of Avid Bioservices (NASDAQ:CDMO) in a research report report published on Thursday, MarketBeat.com reports. Royal Bank of Canada currently has a $12.50 price target on the biopharmaceutical company’s stock, up from their prior price target of $12.00.

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

Avid Bioservices Stock Up 0.2 %

Avid Bioservices stock traded up $0.02 during mid-day trading on Thursday, reaching $12.26. The stock had a trading volume of 5,233,074 shares, compared to its average volume of 1,238,037. The firm has a market capitalization of $782.07 million, a PE ratio of -5.40 and a beta of 1.40. Avid Bioservices has a fifty-two week low of $4.07 and a fifty-two week high of $12.48. The stock’s 50-day simple moving average is $10.54 and its 200-day simple moving average is $9.37. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46.

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

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the transaction, the chief executive officer now owns 226,653 shares in the company, valued at $2,277,862.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 19,323 shares of company stock valued at $194,208 over the last 90 days. Company insiders own 3.05% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new stake in shares of Avid Bioservices during the 2nd quarter worth approximately $38,000. Quest Partners LLC acquired a new position in Avid Bioservices in the 3rd quarter worth about $38,000. Point72 DIFC Ltd acquired a new stake in Avid Bioservices in the second quarter valued at approximately $57,000. Principal Financial Group Inc. acquired a new position in shares of Avid Bioservices during the 2nd quarter worth approximately $80,000. Finally, TradeLink Capital LLC acquired a new position in Avid Bioservices during the second quarter worth $92,000. 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.