Avid Bioservices (NASDAQ:CDMO) Stock Rating Lowered by Stephens

Stephens downgraded shares of Avid Bioservices (NASDAQ:CDMO) from a strong-buy rating to a hold rating in a report released on Wednesday,Zacks.com reports.

Several other analysts have also issued reports on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. William Blair restated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Finally, Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Stock Performance

Shares of NASDAQ CDMO opened at $12.28 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The firm’s 50-day moving average price is $11.20 and its 200-day moving average price is $9.97. Avid Bioservices has a 52-week low of $4.07 and a 52-week high of $12.48. The company has a market cap of $783.34 million, a PE ratio of -5.41 and a beta of 1.44.

Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The company had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. As a group, analysts anticipate that Avid Bioservices will post -0.38 EPS for the current year.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at $2,277,862.65. This represents a 7.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 19,323 shares of company stock worth $194,208 over the last three months. 3.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Avid Bioservices

A number of hedge funds and other institutional investors have recently made changes to their positions in CDMO. Franklin Resources Inc. lifted its position in shares of Avid Bioservices by 11.5% during the third quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock valued at $692,000 after buying an additional 6,259 shares during the last quarter. Barclays PLC lifted its position in Avid Bioservices by 98.1% during the third quarter. Barclays PLC now owns 134,598 shares of the biopharmaceutical company’s stock valued at $1,532,000 after acquiring an additional 66,653 shares during the last quarter. Geode Capital Management LLC lifted its position in Avid Bioservices by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,466,155 shares of the biopharmaceutical company’s stock valued at $16,688,000 after acquiring an additional 34,328 shares during the last quarter. Wellington Management Group LLP boosted its stake in Avid Bioservices by 7.7% in the third quarter. Wellington Management Group LLP now owns 216,331 shares of the biopharmaceutical company’s stock valued at $2,462,000 after acquiring an additional 15,541 shares in the last quarter. Finally, Point72 DIFC Ltd increased its position in shares of Avid Bioservices by 12,530.9% during the third quarter. Point72 DIFC Ltd now owns 1,003,653 shares of the biopharmaceutical company’s stock worth $11,422,000 after purchasing an additional 995,707 shares in the last quarter. 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.