Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $10.36, but opened at $10.05. Avid Bioservices shares last traded at $10.09, with a volume of 75,190 shares.
Several research firms have issued reports on CDMO. William Blair reissued a "market perform" rating on shares of Avid Bioservices in a report on Tuesday, September 10th. StockNews.com raised shares of Avid Bioservices to a "sell" rating in a report on Tuesday, September 10th. Royal Bank of Canada lifted their price target on shares of Avid Bioservices from $8.00 to $12.00 and gave the company an "outperform" rating in a report on Tuesday, September 10th. Finally, Stephens reissued an "overweight" rating and issued a $12.00 price objective on shares of Avid Bioservices in a research note on Tuesday, September 10th. One investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $13.50.
Read Our Latest Report on Avid Bioservices
The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.05 and a current ratio of 1.46. The company has a market capitalization of $637.90 million, a PE ratio of -4.69 and a beta of 1.38. The stock has a fifty day moving average of $10.67 and a 200 day moving average of $8.85.
Avid Bioservices (NASDAQ:CDMO - Get Free Report) last released its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $40.17 million for the quarter, compared to analysts' expectations of $39.50 million. As a group, sell-side analysts predict that Avid Bioservices, Inc. will post -0.29 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Avid Bioservices by 5.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company's stock worth $204,000 after purchasing an additional 1,649 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Avid Bioservices by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company's stock worth $293,000 after acquiring an additional 2,900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Avid Bioservices by 28.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company's stock worth $98,000 after acquiring an additional 3,041 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Avid Bioservices during the 2nd quarter valued at approximately $38,000. Finally, Rhumbline Advisers boosted its position in shares of Avid Bioservices by 6.1% during the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company's stock valued at $676,000 after acquiring an additional 5,408 shares during the last quarter. Institutional investors own 97.16% of the company's stock.
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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