Avid Bioservices (NASDAQ:CDMO) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Avid Bioservices, Inc. (NASDAQ:CDMO) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $12.45 and traded as high as $12.51. Avid Bioservices shares last traded at $12.50, with a volume of 3,067,700 shares trading hands.

Avid Bioservices Trading Up 0.1%

The stock has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.92 and a current ratio of 1.30. The company’s 50 day simple moving average is $12.50 and its two-hundred day simple moving average is $12.45.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CDMO. KLP Kapitalforvaltning AS acquired a new position in shares of Avid Bioservices during the 4th quarter worth $137,000. Tower Research Capital LLC TRC boosted its holdings in Avid Bioservices by 72.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,739 shares of the biopharmaceutical company’s stock worth $157,000 after purchasing an additional 5,352 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Avid Bioservices during the fourth quarter worth $166,000. HighTower Advisors LLC raised its holdings in Avid Bioservices by 23.3% during the fourth quarter. HighTower Advisors LLC now owns 13,861 shares of the biopharmaceutical company’s stock valued at $171,000 after buying an additional 2,620 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Avid Bioservices in the fourth quarter worth about $179,000. 97.16% of the stock is owned by institutional investors and hedge funds.

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.