Avid Bioservices (NASDAQ:CDMO - Free Report) had its target price boosted by Royal Bank of Canada from $7.00 to $8.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the biopharmaceutical company's stock.
Avid Bioservices Stock Up 0.9 %
Shares of NASDAQ:CDMO traded up $0.07 during midday trading on Tuesday, reaching $7.63. The company's stock had a trading volume of 1,054,990 shares, compared to its average volume of 1,269,683. The firm has a 50 day moving average of $7.01 and a 200-day moving average of $6.50. The firm has a market capitalization of $484.35 million, a P/E ratio of -28.52 and a beta of 1.63. 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 12-month low of $4.07 and a 12-month high of $18.86.
Hedge Funds Weigh In On Avid Bioservices
A number of hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in Avid Bioservices by 72.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company's stock valued at $10,981,000 after acquiring an additional 490,569 shares during the period. Federated Hermes Inc. bought a new position in Avid Bioservices during the 4th quarter valued at about $2,090,000. Roubaix Capital LLC lifted its stake in Avid Bioservices by 374.2% during the 4th quarter. Roubaix Capital LLC now owns 369,158 shares of the biopharmaceutical company's stock valued at $2,400,000 after acquiring an additional 291,315 shares during the period. Trexquant Investment LP bought a new position in Avid Bioservices during the 4th quarter valued at about $1,259,000. Finally, Rafferty Asset Management LLC lifted its stake in Avid Bioservices by 96.6% during the 4th quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company's stock valued at $2,478,000 after acquiring an additional 187,280 shares during the period. Institutional investors own 97.16% of the company's stock.
About Avid Bioservices
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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.
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