Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Update

Avid Bioservices, Inc. (NASDAQ:CDMO) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 10,110,000 shares, a decrease of 6.7% from the March 15th total of 10,840,000 shares. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is currently 7.6 days.

Analyst Upgrades and Downgrades

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

Avid Bioservices Stock Down 7.4 %

Avid Bioservices stock opened at $6.71 on Thursday. The firm has a market capitalization of $424.34 million, a price-to-earnings ratio of -39.47 and a beta of 1.63. The firm’s fifty day moving average price is $7.06 and its two-hundred day moving average price is $6.66. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $19.97. The company has a current ratio of 1.35, a quick ratio of 0.85 and a debt-to-equity ratio of 0.81.

Hedge Funds Weigh In On Avid Bioservices

Several large investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Avid Bioservices by 119.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,607,653 shares of the biopharmaceutical company’s stock valued at $49,678,000 after purchasing an additional 1,965,560 shares in the last quarter. State Street Corp grew its stake in shares of Avid Bioservices by 18.2% in the 1st quarter. State Street Corp now owns 4,403,082 shares of the biopharmaceutical company’s stock worth $89,691,000 after acquiring an additional 677,944 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Avid Bioservices by 72.9% in the third quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock valued at $10,981,000 after purchasing an additional 490,569 shares during the last quarter. Royal Bank of Canada boosted its holdings in Avid Bioservices by 28.8% during the second quarter. Royal Bank of Canada now owns 2,120,000 shares of the biopharmaceutical company’s stock worth $29,618,000 after purchasing an additional 473,731 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Avid Bioservices by 119.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 636,179 shares of the biopharmaceutical company’s stock worth $4,135,000 after purchasing an additional 346,153 shares during the last quarter. Institutional investors own 97.16% of the company’s stock.

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.