Avid Bioservices (NASDAQ:CDMO) Stock Passes Above Two Hundred Day Moving Average of $6.56

Avid Bioservices, Inc. (NASDAQ:CDMO)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.56 and traded as high as $6.77. Avid Bioservices shares last traded at $6.68, with a volume of 702,786 shares.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada restated an “outperform” rating and issued a $7.00 price objective on shares of Avid Bioservices in a research note on Thursday, March 7th. One research analyst has rated the stock with 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 “Moderate Buy” and a consensus target price of $14.25.

Avid Bioservices Price Performance

The firm has a market capitalization of $422.44 million, a price-to-earnings ratio of -39.29 and a beta of 1.63. The stock’s 50 day moving average price is $7.04 and its two-hundred day moving average price is $6.56. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.35 and a quick ratio of 0.85.

Hedge Funds Weigh In On Avid Bioservices

Large investors have recently bought and sold shares of the stock. CWM LLC raised its stake in Avid Bioservices by 3,125.0% during the 4th quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 6,500 shares during the last quarter. Mather Group LLC. acquired a new position in Avid Bioservices during the 1st quarter valued at $46,000. Oxford Asset Management LLP acquired a new position in Avid Bioservices during the 4th quarter valued at $68,000. Advisor Partners II LLC acquired a new position in Avid Bioservices during the 3rd quarter valued at $98,000. Finally, Evoke Wealth LLC acquired a new position in Avid Bioservices during the 4th quarter valued at $125,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

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.