Other equities research analysts have also recently issued reports about the company. Janney Montgomery Scott upgraded Avid Bioservices from a neutral rating to a buy rating and set a $10.00 price target on the stock in a research report on Friday, June 28th. Zacks Investment Research cut Avid Bioservices from a hold rating to a sell rating in a research report on Wednesday, September 4th. TheStreet cut Avid Bioservices from a c- rating to a d+ rating in a research report on Thursday, September 12th. Finally, HC Wainwright set a $11.00 price target on Avid Bioservices and gave the company a buy rating in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $8.58.
Shares of Avid Bioservices stock opened at $5.96 on Tuesday. Avid Bioservices has a 52-week low of $3.37 and a 52-week high of $7.25. The stock’s 50-day simple moving average is $6.33 and its 200 day simple moving average is $5.02. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.50 and a current ratio of 1.78.
In related news, CEO Richard B. Hancock purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were purchased at an average cost of $5.09 per share, for a total transaction of $50,900.00. Corporate insiders own 1.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CDMO. AWM Investment Company Inc. bought a new position in shares of Avid Bioservices in the second quarter worth approximately $3,952,000. River & Mercantile Asset Management LLP bought a new position in shares of Avid Bioservices in the second quarter worth approximately $2,674,000. BlackRock Inc. increased its position in shares of Avid Bioservices by 7.5% in the second quarter. BlackRock Inc. now owns 3,790,286 shares of the biopharmaceutical company’s stock worth $21,227,000 after purchasing an additional 266,015 shares during the last quarter. Marshall Wace LLP increased its position in shares of Avid Bioservices by 128.1% in the first quarter. Marshall Wace LLP now owns 274,945 shares of the biopharmaceutical company’s stock worth $1,168,000 after purchasing an additional 154,393 shares during the last quarter. Finally, AltraVue Capital LLC increased its position in shares of Avid Bioservices by 6.7% in the second quarter. AltraVue Capital LLC now owns 2,108,812 shares of the biopharmaceutical company’s stock worth $11,810,000 after purchasing an additional 133,337 shares during the last quarter. Hedge funds and other institutional investors own 43.21% of the company’s stock.
Avid Bioservices Company Profile
Avid Bioservices, Inc, a biologics contract development and manufacturing company, focuses on the development and current Good Manufacturing Practices (cGMP) manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, cGMP clinical, and commercial manufacturing services for the biotechnology and biopharmaceutical industries.
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