Avid Bioservices (NASDAQ:CDMO) Stock Passes Above 200 Day Moving Average of $6.56

Avid Bioservices, Inc. (NASDAQ:CDMOGet Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $6.56 and traded as high as $6.77. Avid Bioservices shares last traded at $6.68, with a volume of 702,786 shares.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reissued an “outperform” rating and set a $7.00 target price on shares of Avid Bioservices in a research note on Thursday, March 7th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $14.25.

Get Our Latest Analysis on CDMO

Avid Bioservices Price Performance

The stock has a market capitalization of $422.44 million, a P/E ratio of -39.29 and a beta of 1.63. The business’s 50 day simple moving average is $7.04 and its two-hundred day simple moving average is $6.56. The company has a quick ratio of 0.85, a current ratio of 1.35 and a debt-to-equity ratio of 0.81.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CDMO. Advisor Partners II LLC bought a new position in shares of Avid Bioservices in the third quarter valued at $98,000. Punch & Associates Investment Management Inc. raised its holdings in shares of Avid Bioservices by 15.1% in the third quarter. Punch & Associates Investment Management Inc. now owns 1,186,639 shares of the biopharmaceutical company’s stock valued at $11,202,000 after purchasing an additional 155,817 shares during the last quarter. Roubaix Capital LLC purchased a new stake in shares of Avid Bioservices in the third quarter valued at about $735,000. TD Asset Management Inc raised its holdings in shares of Avid Bioservices by 5.9% in the third quarter. TD Asset Management Inc now owns 114,830 shares of the biopharmaceutical company’s stock valued at $1,084,000 after purchasing an additional 6,400 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its holdings in shares of Avid Bioservices by 3.1% in the third quarter. Kornitzer Capital Management Inc. KS now owns 804,760 shares of the biopharmaceutical company’s stock valued at $7,597,000 after purchasing an additional 24,305 shares during the last quarter. 97.16% of the stock is owned by institutional investors.

About Avid Bioservices

(Get Free Report)

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.

Further Reading

Receive News & Ratings for Avid Bioservices Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Bioservices and related companies with MarketBeat.com's FREE daily email newsletter.