Avid Bioservices, Inc. (NASDAQ:CDMO – Get Free Report)’s stock price reached a new 52-week low during trading on Friday after Royal Bank of Canada lowered their price target on the stock from $17.00 to $15.00. The stock traded as low as $10.08 and last traded at $10.58, with a volume of 63865 shares changing hands. The stock had previously closed at $11.62.
Separately, Stephens decreased their price target on Avid Bioservices from $24.00 to $20.00 in a research note on Thursday, June 22nd.
Insider Buying and Selling
In related news, CEO Nicholas Stewart Green sold 19,519 shares of Avid Bioservices stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $12.99, for a total value of $253,551.81. Following the completion of the transaction, the chief executive officer now directly owns 145,844 shares in the company, valued at $1,894,513.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Nicholas Stewart Green sold 19,519 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $12.99, for a total transaction of $253,551.81. Following the completion of the transaction, the chief executive officer now directly owns 145,844 shares of the company’s stock, valued at $1,894,513.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard A. Richieri sold 2,758 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $12.70, for a total value of $35,026.60. Following the transaction, the insider now directly owns 17,163 shares of the company’s stock, valued at $217,970.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,642 shares of company stock worth $1,066,139. Corporate insiders own 2.39% of the company’s stock.
Hedge Funds Weigh In On Avid Bioservices
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Avid Bioservices by 1.1% during the second quarter. BlackRock Inc. now owns 9,815,050 shares of the biopharmaceutical company’s stock valued at $137,116,000 after purchasing an additional 102,467 shares during the last quarter. State Street Corp boosted its position in shares of Avid Bioservices by 18.2% during the first quarter. State Street Corp now owns 4,403,082 shares of the biopharmaceutical company’s stock worth $89,691,000 after buying an additional 677,944 shares during the period. Vanguard Group Inc. boosted its position in shares of Avid Bioservices by 7.0% during the third quarter. Vanguard Group Inc. now owns 4,218,925 shares of the biopharmaceutical company’s stock worth $80,667,000 after buying an additional 275,783 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in shares of Avid Bioservices by 119.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,607,653 shares of the biopharmaceutical company’s stock worth $49,678,000 after buying an additional 1,965,560 shares during the period. Finally, AltraVue Capital LLC boosted its position in shares of Avid Bioservices by 23.0% during the fourth quarter. AltraVue Capital LLC now owns 3,302,960 shares of the biopharmaceutical company’s stock worth $45,482,000 after buying an additional 618,000 shares during the period.
Avid Bioservices Stock Performance
The company has a quick ratio of 0.93, a current ratio of 1.53 and a debt-to-equity ratio of 0.75. The company has a 50-day moving average price of $12.76 and a 200-day moving average price of $15.55. The firm has a market capitalization of $665.81 million, a price-to-earnings ratio of 1,163.16 and a beta of 1.68.
Avid Bioservices (NASDAQ:CDMO – Get Free Report) last issued its quarterly earnings data on Thursday, September 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $37.73 million during the quarter, compared to the consensus estimate of $34.00 million. Avid Bioservices had a return on equity of 0.40% and a net margin of 0.38%. During the same period in the previous year, the firm posted $0.02 earnings per share. As a group, equities research analysts forecast that Avid Bioservices, Inc. will post -0.09 earnings per share for the current year.
Avid Bioservices Company Profile
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.