Several other equities analysts have also recently commented on the company. HC Wainwright reaffirmed a buy rating and issued a $11.00 price target on shares of Avid Bioservices in a report on Tuesday, December 10th. Craig Hallum initiated coverage on Avid Bioservices in a report on Wednesday, October 16th. They issued a buy rating and a $11.00 price target for the company. First Analysis raised Avid Bioservices from an outperform rating to a strong-buy rating and set a $7.50 price target for the company in a report on Tuesday, December 10th. Zacks Investment Research raised Avid Bioservices from a sell rating to a hold rating in a report on Tuesday, November 12th. Finally, Stephens upped their price target on Avid Bioservices from $8.00 to $10.00 and gave the company an overweight rating in a report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $9.04.
Shares of NASDAQ CDMO traded down $0.06 during trading hours on Tuesday, hitting $6.74. 2,929 shares of the company’s stock were exchanged, compared to its average volume of 294,303. Avid Bioservices has a 1-year low of $3.37 and a 1-year high of $8.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.44. The stock has a market capitalization of $383.10 million, a price-to-earnings ratio of -37.44 and a beta of 2.81. The company’s 50-day moving average price is $6.85 and its 200-day moving average price is $6.17.
A number of institutional investors have recently bought and sold shares of CDMO. BlackRock Inc. grew its holdings in Avid Bioservices by 7.5% during 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 period. Vanguard Group Inc. raised its holdings in shares of Avid Bioservices by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 2,676,002 shares of the biopharmaceutical company’s stock worth $14,986,000 after acquiring an additional 19,667 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Avid Bioservices in the 2nd quarter worth about $131,000. Strs Ohio raised its holdings in shares of Avid Bioservices by 118.1% in the 3rd quarter. Strs Ohio now owns 33,800 shares of the biopharmaceutical company’s stock worth $179,000 after acquiring an additional 18,300 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Avid Bioservices by 11.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 35,579 shares of the biopharmaceutical company’s stock worth $189,000 after acquiring an additional 3,600 shares during the last quarter. Institutional investors and hedge funds own 45.29% of the company’s stock.
About Avid Bioservices
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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