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

Avid Bioservices, Inc. (NASDAQ:CDMO) saw a significant drop in short interest in June. As of June 30th, there was short interest totalling 12,360,000 shares, a drop of 18.0% from the June 15th total of 15,080,000 shares. Based on an average trading volume of 1,010,000 shares, the short-interest ratio is currently 12.2 days.

Analysts Set New Price Targets

Separately, Royal Bank of Canada restated an “outperform” rating and set a $8.00 price target on shares of Avid Bioservices in a report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.67.

Avid Bioservices Stock Performance

Shares of NASDAQ:CDMO remained flat at $8.32 during trading on Monday. 1,205,265 shares of the stock were exchanged, compared to its average volume of 1,181,001. The stock has a 50 day moving average of $7.98 and a 200-day moving average of $7.29. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.46 and a quick ratio of 0.31. Avid Bioservices has a twelve month low of $4.07 and a twelve month high of $14.02. The firm has a market cap of $528.99 million, a P/E ratio of -3.76 and a beta of 1.36.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Avid Bioservices had a negative net margin of 100.57% and a negative return on equity of 11.27%. The firm had revenue of $33.82 million during the quarter, compared to analyst estimates of $33.80 million. Equities research analysts forecast that Avid Bioservices will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of Avid Bioservices stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total value of $57,733.78. Following the sale, the chief executive officer now owns 212,314 shares of the company’s stock, valued at approximately $1,600,847.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 25,922 shares of company stock valued at $193,100. Corporate insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its holdings in Avid Bioservices by 3,125.0% in the fourth quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock worth $44,000 after acquiring an additional 6,500 shares in the last quarter. Mather Group LLC. acquired a new stake in Avid Bioservices in the 1st quarter worth approximately $46,000. Oxford Asset Management LLP purchased a new stake in Avid Bioservices during the 4th quarter worth approximately $68,000. Evoke Wealth LLC acquired a new position in Avid Bioservices during the 4th quarter valued at approximately $125,000. Finally, E Fund Management Co. Ltd. purchased a new position in shares of Avid Bioservices in the fourth quarter worth $132,000. 97.16% of the stock is currently owned by hedge funds and other institutional investors.

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.