Avid Bioservices (NASDAQ:CDMO) Stock Price Passes Above 200-Day Moving Average – Here’s Why

by · The Cerbat Gem

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO – Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.17 and traded as high as $10.46. Avid Bioservices shares last traded at $10.10, with a volume of 383,426 shares changing hands.

Wall Street Analyst Weigh In

CDMO has been the topic of a number of research reports. Stephens restated an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a report on Tuesday, September 10th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Tuesday, September 10th. Royal Bank of Canada increased their price objective on shares of Avid Bioservices from $8.00 to $12.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Avid Bioservices currently has a consensus rating of “Moderate Buy” and an average price target of $13.50.

Read Our Latest Stock Analysis on CDMO

Avid Bioservices Price Performance

The company has a market cap of $645.35 million, a PE ratio of -4.59 and a beta of 1.38. The business’s 50 day moving average price is $10.53 and its 200-day moving average price is $9.22. The company has a quick ratio of 1.05, a current ratio of 1.46 and a debt-to-equity ratio of 2.74.

Avid Bioservices (NASDAQ:CDMO – Get Free Report) last issued its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $40.17 million for the quarter, compared to analyst estimates of $39.50 million. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. As a group, analysts forecast that Avid Bioservices, Inc. will post -0.29 earnings per share for the current year.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was 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 of the company’s stock, valued at $2,277,862.65. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 19,323 shares of company stock worth $194,208 in the last 90 days. 2.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avid Bioservices

A number of institutional investors have recently modified their holdings of CDMO. Meeder Asset Management Inc. acquired a new stake in Avid Bioservices during the second quarter valued at approximately $38,000. Point72 DIFC Ltd acquired a new stake in shares of Avid Bioservices during the 2nd quarter valued at approximately $57,000. Principal Financial Group Inc. bought a new position in Avid Bioservices during the second quarter worth $80,000. TradeLink Capital LLC acquired a new position in Avid Bioservices in the second quarter worth $92,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock valued at $98,000 after purchasing an additional 3,041 shares during the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Company Profile

(Get Free Report)

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.

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