Avid Bioservices (NASDAQ:CDMO) Trading Down 5.9%

Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating)’s stock price dropped 5.9% on Wednesday . The company traded as low as $15.98 and last traded at $15.98. Approximately 101,877 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 515,076 shares. The stock had previously closed at $16.99.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CDMO shares. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Wednesday, December 7th. Royal Bank of Canada lowered their target price on Avid Bioservices from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 7th. Craig Hallum reduced their price target on Avid Bioservices from $30.00 to $25.00 in a research report on Wednesday, December 7th. Finally, Stephens lowered their price objective on Avid Bioservices to $22.00 in a research report on Monday, December 12th.

Avid Bioservices Stock Performance

The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.30 and a current ratio of 1.77. The firm has a market capitalization of $995.70 million, a PE ratio of 10.05 and a beta of 1.77. The firm’s 50 day moving average price is $14.64 and its 200-day moving average price is $16.58.

Avid Bioservices (NASDAQ:CDMO – Get Rating) last issued its quarterly earnings results on Tuesday, December 6th. The biopharmaceutical company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Avid Bioservices had a return on equity of 3.29% and a net margin of 88.13%. The company had revenue of $34.76 million for the quarter, compared to the consensus estimate of $31.00 million. On average, research analysts expect that Avid Bioservices, Inc. will post 0.01 EPS for the current year.

Insider Activity at Avid Bioservices

In related news, Director Richard B. Hancock sold 10,000 shares of the company’s stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $16.11, for a total transaction of $161,100.00. Following the completion of the transaction, the director now owns 36,881 shares in the company, valued at approximately $594,152.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Richard B. Hancock sold 5,000 shares of the company’s stock in a transaction on Thursday, January 12th. The shares were sold at an average price of $16.00, for a total transaction of $80,000.00. Following the completion of the sale, the director now owns 39,134 shares of the company’s stock, valued at $626,144. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard B. Hancock sold 10,000 shares of the stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $16.11, for a total transaction of $161,100.00. Following the completion of the sale, the director now owns 36,881 shares of the company’s stock, valued at $594,152.91. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,749 shares of company stock valued at $396,316. 1.86% of the stock is owned by company insiders.

Institutional Trading of Avid Bioservices

Large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Avid Bioservices in the second quarter valued at approximately $262,000. Mirabella Financial Services LLP grew its holdings in Avid Bioservices by 123.1% in the 3rd quarter. Mirabella Financial Services LLP now owns 77,598 shares of the biopharmaceutical company’s stock valued at $1,484,000 after buying an additional 42,816 shares in the last quarter. Monarch Partners Asset Management LLC increased its stake in shares of Avid Bioservices by 75.9% in the 3rd quarter. Monarch Partners Asset Management LLC now owns 266,364 shares of the biopharmaceutical company’s stock worth $5,093,000 after acquiring an additional 114,965 shares during the last quarter. Rothschild & Co. Asset Management US Inc. raised its holdings in shares of Avid Bioservices by 40.0% during the 2nd quarter. Rothschild & Co. Asset Management US Inc. now owns 195,865 shares of the biopharmaceutical company’s stock worth $2,989,000 after acquiring an additional 55,945 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of Avid Bioservices by 34.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 35,445 shares of the biopharmaceutical company’s stock valued at $551,000 after acquiring an additional 9,103 shares during the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Avid Bioservices Company Profile

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Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. The company produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.