Avid Bioservices (NASDAQ:CDMO) Share Price Passes Above 200 Day Moving Average – Here’s Why

Avid Bioservices, Inc. (NASDAQ:CDMO) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.46 and traded as high as $12.51. Avid Bioservices shares last traded at $12.50, with a volume of 3,067,700 shares changing hands.

Avid Bioservices Price Performance

The company’s 50 day moving average price is $12.50 and its 200 day moving average price is $12.46. 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 has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39.

Institutional Trading of Avid Bioservices

Several large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings in shares of Avid Bioservices by 3.4% in the 4th quarter. Rhumbline Advisers now owns 94,700 shares of the biopharmaceutical company’s stock worth $1,170,000 after acquiring an additional 3,121 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Avid Bioservices in the 4th quarter valued at $210,000. Charles Schwab Investment Management Inc. boosted its stake in Avid Bioservices by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 520,598 shares of the biopharmaceutical company’s stock worth $6,429,000 after purchasing an additional 7,022 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Avid Bioservices in the fourth quarter worth $166,000. Finally, Alpine Associates Management Inc. acquired a new position in Avid Bioservices in the fourth quarter worth $24,034,000. 97.16% of the stock is owned by institutional investors.

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.