Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Update

Avid Bioservices, Inc. (NASDAQ:CDMO) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 11,720,000 shares, a decline of 13.2% from the October 31st total of 13,510,000 shares. Based on an average daily volume of 1,790,000 shares, the short-interest ratio is presently 6.5 days.

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 19,323 shares of company stock worth $194,208 over the last 90 days. Insiders own 3.05% of the company’s stock.

Institutional Trading of Avid Bioservices

Several institutional investors and hedge funds have recently bought and sold shares of CDMO. Vanguard Group Inc. raised its holdings in Avid Bioservices by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 3,665,188 shares of the biopharmaceutical company’s stock worth $24,557,000 after buying an additional 47,315 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Avid Bioservices by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock valued at $204,000 after purchasing an additional 1,649 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Avid Bioservices by 313.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 410,039 shares of the biopharmaceutical company’s stock valued at $2,928,000 after purchasing an additional 310,921 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Avid Bioservices by 8.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 260,313 shares of the biopharmaceutical company’s stock valued at $1,859,000 after purchasing an additional 19,960 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Avid Bioservices by 28.4% in the 2nd 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 period. Institutional investors and hedge funds own 97.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $12.50 price objective (up previously from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. Craig Hallum downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Stephens reaffirmed an “overweight” rating and issued a $12.00 price objective on shares of Avid Bioservices in a report on Tuesday, September 10th. Finally, William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $13.63.

Avid Bioservices Price Performance

NASDAQ CDMO remained flat at $12.32 on Tuesday. 1,518,444 shares of the company’s stock were exchanged, compared to its average volume of 1,336,001. Avid Bioservices has a 52 week low of $4.07 and a 52 week high of $12.48. The company has a current ratio of 1.46, a quick ratio of 1.05 and a debt-to-equity ratio of 2.74. The business has a fifty day moving average price of $11.11 and a 200 day moving average price of $9.90.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Monday, September 9th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The company 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, analysts expect that Avid Bioservices will post -0.38 earnings per share for the current fiscal year.

Avid Bioservices Company Profile

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.