Stephens Reiterates “Overweight” Rating for Avid Bioservices (NASDAQ:CDMO)

Avid Bioservices (NASDAQ:CDMO)‘s stock had its “overweight” rating restated by investment analysts at Stephens in a report released on Tuesday, Benzinga reports. They currently have a $12.00 target price on the biopharmaceutical company’s stock. Stephens’ price objective points to a potential upside of 15.38% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada restated an “outperform” rating and issued a $8.00 target price on shares of Avid Bioservices in a research note on Wednesday, July 3rd. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and four 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 $12.50.

Avid Bioservices Stock Performance

CDMO traded up $1.45 on Tuesday, reaching $10.40. The company had a trading volume of 186,978 shares, compared to its average volume of 1,124,826. The stock has a market capitalization of $663.42 million, a PE ratio of -4.71 and a beta of 1.37. 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 has a 1 year low of $4.07 and a 1 year high of $11.57. The stock has a 50-day moving average price of $9.69 and a 200-day moving average price of $8.27.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $42.98 million during the quarter, compared to analyst estimates of $42.60 million. As a group, research analysts forecast that Avid Bioservices will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Nicholas Stewart Green sold 7,657 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 212,314 shares in the company, valued at approximately $1,600,847.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 9,216 shares of company stock worth $69,984. Corporate insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Several hedge funds and other institutional investors have recently bought and sold shares of the company. 12 West Capital Management LP purchased a new position in shares of Avid Bioservices in the first quarter valued at $18,425,000. Point72 Asset Management L.P. increased its holdings in Avid Bioservices by 51.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after acquiring an additional 904,733 shares in the last quarter. American Century Companies Inc. increased its holdings in Avid Bioservices by 5,631.6% during the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after acquiring an additional 713,523 shares in the last quarter. Millennium Management LLC increased its holdings in Avid Bioservices by 15.8% during the 2nd 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 in the last quarter. Finally, Wellington Management Group LLP raised its position 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 worth $9,612,000 after acquiring an additional 315,600 shares during the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

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.