Stephens Reaffirms Overweight Rating for Avid Bioservices (NASDAQ:CDMO)

Stephens reaffirmed their overweight rating on shares of Avid Bioservices (NASDAQ:CDMO) in a research note released on Tuesday morning, Benzinga reports. The firm currently has a $12.00 target price on the biopharmaceutical company’s stock.

A number of other equities analysts have also recently issued reports on the company. Royal Bank of Canada reiterated an outperform rating and issued a $8.00 target price on shares of Avid Bioservices in a report on Wednesday, July 3rd. William Blair restated a market perform rating on shares of Avid Bioservices in a report on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $13.50.

Avid Bioservices Stock Up 5.3 %

Avid Bioservices stock opened at $11.16 on Tuesday. The company has a market capitalization of $709.56 million, a PE ratio of -5.05 and a beta of 1.37. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $11.57. The firm’s fifty day moving average is $9.89 and its 200 day moving average is $8.33. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04.

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.10). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The firm had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. As a group, sell-side analysts predict that Avid Bioservices will post -0.31 EPS for the current fiscal year.

Insider Activity at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the company’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $7.54, for a total value of $57,733.78. Following the completion of the sale, the chief executive officer now owns 212,314 shares in the company, valued at approximately $1,600,847.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 9,216 shares of company stock valued at $69,984. 2.39% of the stock is owned by insiders.

Institutional Investors Weigh In On Avid Bioservices

Institutional investors have recently made changes to their positions in the stock. 12 West Capital Management LP purchased a new stake in Avid Bioservices during the 1st quarter worth about $18,425,000. Point72 Asset Management L.P. increased its position in shares of Avid Bioservices by 51.2% during the second quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after buying an additional 904,733 shares during the period. American Century Companies Inc. lifted its holdings in shares of Avid Bioservices by 5,631.6% in the second quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock worth $5,185,000 after buying an additional 713,523 shares in the last quarter. Millennium Management LLC boosted its position in shares of Avid Bioservices by 15.8% in the second quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock valued at $36,411,000 after acquiring an additional 695,512 shares during the period. Finally, Wellington Management Group LLP grew its stake in Avid Bioservices by 27.1% during the fourth quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock valued at $9,612,000 after acquiring an additional 315,600 shares in the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.

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.