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

Avid Bioservices, Inc. (NASDAQ:CDMO) shares saw unusually-high trading volume on Tuesday . Approximately 1,396,716 shares were traded during mid-day trading, an increase of 4% from the previous session’s volume of 1,348,639 shares.The stock last traded at $12.50 and had previously closed at $12.48.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CDMO. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $12.50 target price (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. Finally, Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $12.25.

Avid Bioservices Trading Up 0.1 %

The firm has a market cap of $799.18 million, a price-to-earnings ratio of -5.23 and a beta of 1.39. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 3.58. The company has a 50-day moving average price of $12.35 and a 200 day moving average price of $11.27.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Tuesday, December 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.14). Avid Bioservices had a negative net margin of 101.07% and a negative return on equity of 33.18%. As a group, research analysts anticipate that Avid Bioservices, Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 100,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $12.28, for a total transaction of $1,228,000.00. Following the transaction, the chief executive officer now owns 51,653 shares in the company, valued at approximately $634,298.84. This trade represents a 65.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard A. Richieri sold 3,843 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the completion of the sale, the insider now owns 44,556 shares of the company’s stock, valued at $544,474.32. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 349,850 shares of company stock worth $4,288,259. 3.05% of the stock is currently owned by company insiders.

Institutional Trading of Avid Bioservices

Several large investors have recently made changes to their positions in CDMO. Quest Partners LLC acquired a new stake in shares of Avid Bioservices in the third quarter valued at about $38,000. R Squared Ltd bought a new stake in Avid Bioservices during the 4th quarter valued at approximately $42,000. Entropy Technologies LP acquired a new position in shares of Avid Bioservices during the fourth quarter worth approximately $195,000. Glenmede Trust Co. NA grew its stake in shares of Avid Bioservices by 37.9% in the third quarter. Glenmede Trust Co. NA now owns 17,498 shares of the biopharmaceutical company’s stock worth $199,000 after acquiring an additional 4,812 shares during the last quarter. Finally, Creative Planning grew its stake in shares of Avid Bioservices by 49.4% in the third quarter. Creative Planning now owns 20,178 shares of the biopharmaceutical company’s stock worth $230,000 after acquiring an additional 6,672 shares during the last quarter. Institutional investors own 97.16% of the company’s stock.

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.