Avid Bioservices (NASDAQ:CDMO) Sees Unusually-High Trading Volume – What’s Next?

Avid Bioservices, Inc. (NASDAQ:CDMO) shares saw strong trading volume on Thursday . 4,934,812 shares changed hands during trading, an increase of 282% from the previous session’s volume of 1,291,405 shares.The stock last traded at $12.04 and had previously closed at $12.20.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Stephens restated an “overweight” rating and set a $12.00 target price on shares of Avid Bioservices in a research report on Tuesday, September 10th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a research report on Tuesday, September 10th. Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price target (up previously from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Avid Bioservices has a consensus rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Stock Performance

The firm has a market cap of $774.41 million, a P/E ratio of -5.35 and a beta of 1.40. 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’s 50 day moving average is $10.85 and its 200 day moving average is $9.59.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results 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. The firm had revenue of $40.17 million during the quarter, compared to the consensus estimate 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, equities analysts predict that Avid Bioservices, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Nicholas Stewart Green sold 17,173 shares of Avid Bioservices stock in a transaction 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 transaction, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This trade represents a 7.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 19,323 shares of company stock valued at $194,208. Insiders own 3.05% of the company’s stock.

Hedge Funds Weigh In On Avid Bioservices

Hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new position in Avid Bioservices during the second quarter worth $38,000. Quest Partners LLC acquired a new stake in Avid Bioservices in the third quarter worth $38,000. Point72 DIFC Ltd acquired a new stake in Avid Bioservices in the second quarter worth $57,000. Principal Financial Group Inc. acquired a new stake in Avid Bioservices in the second quarter worth $80,000. Finally, TradeLink Capital LLC acquired a new stake in Avid Bioservices in the second quarter worth $92,000. Institutional investors own 97.16% of the company’s stock.

About Avid Bioservices

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.