Avid Bioservices (NASDAQ:CDMO) Sees Large Volume Increase – Should You Buy?

Avid Bioservices, Inc. (NASDAQ:CDMO) shares saw strong trading volume on Friday . 1,449,049 shares traded hands during trading, an increase of 19% from the previous session’s volume of 1,218,095 shares.The stock last traded at $12.26 and had previously closed at $12.24.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CDMO. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a research report on Thursday. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a report on Thursday. Finally, Stephens reaffirmed an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $13.63.

Avid Bioservices Stock Up 0.2 %

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 has a market capitalization of $782.13 million, a PE ratio of -5.40 and a beta of 1.40. The business’s 50-day moving average price is $10.58 and its 200-day moving average price is $9.41.

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

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at approximately $2,277,862.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders sold 19,323 shares of company stock valued at $194,208. Company insiders own 3.05% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CDMO. Quest Partners LLC bought a new stake in shares of Avid Bioservices in the third quarter worth about $38,000. Meeder Asset Management Inc. acquired a new position in Avid Bioservices in the 2nd quarter valued at $38,000. Point72 DIFC Ltd acquired a new position in shares of Avid Bioservices during the 2nd quarter worth $57,000. Principal Financial Group Inc. bought a new stake in Avid Bioservices during the 2nd quarter worth $80,000. Finally, TradeLink Capital LLC bought a new stake in shares of Avid Bioservices in the 2nd quarter valued at about $92,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

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.