Avid Bioservices (NASDAQ:CDMO) Trading Up 6%

Avid Bioservices, Inc. (NASDAQ:CDMO) shares were up 6% during trading on Friday . The stock traded as high as $12.54 and last traded at $12.51. Approximately 143,797 shares traded hands during trading, a decline of 74% from the average daily volume of 555,288 shares. The stock had previously closed at $11.80.

Analysts Set New Price Targets

CDMO has been the subject of several research analyst reports. Stephens decreased their price objective on Avid Bioservices from $24.00 to $20.00 in a report on Thursday, June 22nd. Royal Bank of Canada lowered their price objective on shares of Avid Bioservices from $20.00 to $17.00 in a research report on Thursday, June 22nd.

Avid Bioservices Stock Up 5.9 %

The business has a 50-day simple moving average of $12.85 and a two-hundred day simple moving average of $15.67. The company has a market capitalization of $788.91 million, a price-to-earnings ratio of 1,250.00 and a beta of 1.70. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.93 and a current ratio of 1.53.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Wednesday, June 21st. The biopharmaceutical company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. The firm had revenue of $39.80 million during the quarter, compared to the consensus estimate of $39.00 million. Avid Bioservices had a return on equity of 0.40% and a net margin of 0.38%. During the same period last year, the company earned $0.04 earnings per share. As a group, equities analysts predict that Avid Bioservices, Inc. will post -0.09 EPS for the current year.

Insider Transactions at Avid Bioservices

In related news, Director Richard B. Hancock sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $16.37, for a total value of $81,850.00. Following the completion of the sale, the director now owns 39,134 shares in the company, valued at $640,623.58. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Avid Bioservices news, insider Richard A. Richieri sold 2,758 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $12.70, for a total transaction of $35,026.60. Following the sale, the insider now directly owns 17,163 shares in the company, valued at approximately $217,970.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard B. Hancock sold 5,000 shares of the company’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $16.37, for a total transaction of $81,850.00. Following the transaction, the director now directly owns 39,134 shares in the company, valued at $640,623.58. The disclosure for this sale can be found here. Insiders have sold a total of 87,642 shares of company stock worth $1,147,989 over the last ninety days. 1.86% of the stock is currently owned by company insiders.

Institutional Trading of Avid Bioservices

Institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. acquired a new stake in shares of Avid Bioservices during the 1st quarter valued at approximately $29,000. Scissortail Wealth Management LLC acquired a new position in Avid Bioservices during the first quarter worth $304,617,000. Pinebridge Investments L.P. purchased a new stake in Avid Bioservices during the second quarter worth $31,000. Lakewood Asset Management LLC acquired a new stake in Avid Bioservices in the fourth quarter valued at $35,000. Finally, US Bancorp DE acquired a new position in shares of Avid Bioservices during the 1st quarter worth $76,000.

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.