Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Down 6.7% in March

Avid Bioservices, Inc. (NASDAQ:CDMO) saw a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 10,110,000 shares, a decline of 6.7% from the March 15th total of 10,840,000 shares. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is currently 7.6 days.

Institutional Investors Weigh In On Avid Bioservices

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of Avid Bioservices by 1.1% in the second quarter. BlackRock Inc. now owns 9,815,050 shares of the biopharmaceutical company’s stock worth $137,116,000 after purchasing an additional 102,467 shares during the period. Vanguard Group Inc. increased its holdings in shares of Avid Bioservices by 0.3% in the third quarter. Vanguard Group Inc. now owns 4,427,022 shares of the biopharmaceutical company’s stock worth $41,791,000 after purchasing an additional 13,190 shares during the period. State Street Corp increased its holdings in shares of Avid Bioservices by 18.2% in the first quarter. State Street Corp now owns 4,403,082 shares of the biopharmaceutical company’s stock worth $89,691,000 after purchasing an additional 677,944 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of Avid Bioservices by 119.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,607,653 shares of the biopharmaceutical company’s stock worth $49,678,000 after purchasing an additional 1,965,560 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of Avid Bioservices by 16.4% in the fourth quarter. Royal Bank of Canada now owns 2,481,215 shares of the biopharmaceutical company’s stock worth $16,128,000 after purchasing an additional 350,465 shares during the period. Institutional investors own 97.16% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $7.00 price target on shares of Avid Bioservices in a report on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Avid Bioservices has an average rating of “Moderate Buy” and a consensus price target of $14.25.

Avid Bioservices Stock Performance

CDMO stock traded up $0.15 during midday trading on Tuesday, reaching $6.95. 118,648 shares of the company’s stock traded hands, compared to its average volume of 1,283,136. The company has a 50-day moving average price of $7.04 and a two-hundred day moving average price of $6.67. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.85 and a current ratio of 1.35. Avid Bioservices has a 52 week low of $4.07 and a 52 week high of $19.97. The firm has a market capitalization of $439.52 million, a PE ratio of -40.00 and a beta of 1.63.

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.