Royal Bank of Canada Raises Avid Bioservices (NASDAQ:CDMO) Price Target to $12.00

Avid Bioservices (NASDAQ:CDMO) had its target price upped by Royal Bank of Canada from $8.00 to $12.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

CDMO has been the topic of a number of other research reports. William Blair reiterated a market perform rating on shares of Avid Bioservices in a research note on Tuesday. Stephens restated an overweight rating and issued a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Avid Bioservices has a consensus rating of Moderate Buy and an average target price of $13.50.

Avid Bioservices Stock Performance

Shares of Avid Bioservices stock opened at $11.16 on Tuesday. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $11.57. The stock has a market cap of $711.90 million, a P/E ratio of -5.05 and a beta of 1.37. The company has a quick ratio of 0.31, a current ratio of 1.46 and a debt-to-equity ratio of 2.74. The business’s 50 day moving average is $9.97 and its 200-day moving average is $8.35.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Tuesday, July 2nd. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). Avid Bioservices had a negative return on equity of 16.53% and a negative net margin of 101.26%. The company had revenue of $42.98 million for the quarter, compared to the consensus estimate of $42.60 million. Equities research analysts predict that Avid Bioservices will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,657 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $7.54, for a total value of $57,733.78. Following the transaction, the chief executive officer now directly owns 212,314 shares of the company’s stock, valued at approximately $1,600,847.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 9,216 shares of company stock worth $69,984. Company insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDMO. 12 West Capital Management LP acquired a new position in Avid Bioservices in the 1st quarter valued at $18,425,000. Point72 Asset Management L.P. grew its holdings in Avid Bioservices by 51.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,673,050 shares of the biopharmaceutical company’s stock valued at $19,086,000 after buying an additional 904,733 shares in the last quarter. American Century Companies Inc. grew its holdings in Avid Bioservices by 5,631.6% in the 2nd quarter. American Century Companies Inc. now owns 726,193 shares of the biopharmaceutical company’s stock valued at $5,185,000 after buying an additional 713,523 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Avid Bioservices by 15.8% during the 2nd quarter. Millennium Management LLC now owns 5,099,529 shares of the biopharmaceutical company’s stock worth $36,411,000 after purchasing an additional 695,512 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Avid Bioservices by 27.1% during the 4th quarter. Wellington Management Group LLP now owns 1,478,842 shares of the biopharmaceutical company’s stock worth $9,612,000 after purchasing an additional 315,600 shares in the last quarter. 97.16% of the stock is owned by institutional investors and hedge funds.

About Avid Bioservices

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.