Avid Bioservices (NASDAQ:CDMO) PT Raised to $8.00

Avid Bioservices (NASDAQ:CDMO) had its price target raised by Royal Bank of Canada from $7.00 to $8.00 in a report published on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company’s stock.

Avid Bioservices Stock Performance

CDMO opened at $8.25 on Tuesday. The company has a quick ratio of 0.31, a current ratio of 0.46 and a debt-to-equity ratio of 0.04. Avid Bioservices has a fifty-two week low of $4.07 and a fifty-two week high of $18.86. The firm has a market cap of $523.71 million, a PE ratio of -30.56 and a beta of 1.55. The business has a fifty day simple moving average of $7.03 and a 200-day simple moving average of $6.52.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 11,762 shares of Avid Bioservices stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $7.40, for a total transaction of $87,038.80. Following the transaction, the chief executive officer now owns 203,606 shares in the company, valued at $1,506,684.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 17,236 shares of company stock valued at $127,546 over the last ninety days. Corporate insiders own 2.39% of the company’s stock.

Institutional Investors Weigh In On Avid Bioservices

Institutional investors have recently modified their holdings of the stock. CWM LLC boosted its position in Avid Bioservices by 3,125.0% during the fourth quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 6,500 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of Avid Bioservices during the 1st quarter valued at about $46,000. Oxford Asset Management LLP bought a new stake in shares of Avid Bioservices in the 4th quarter valued at approximately $68,000. Advisor Partners II LLC acquired a new position in Avid Bioservices in the third quarter worth approximately $98,000. Finally, Evoke Wealth LLC bought a new position in Avid Bioservices during the fourth quarter valued at approximately $125,000. Institutional investors and hedge funds own 97.16% of the company’s stock.

Avid Bioservices Company Profile

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.