Avid Bioservices (NASDAQ:CDMO - Get Rating) is scheduled to issue its quarterly earnings data after the market closes on Wednesday, June 29th. Analysts expect the company to announce earnings of $0.01 per share for the quarter.
Shares of NASDAQ:CDMO traded up $0.44 during midday trading on Thursday, reaching $15.09. 1,860 shares of the company were exchanged, compared to its average volume of 538,411. The company has a current ratio of 2.63, a quick ratio of 2.36 and a debt-to-equity ratio of 2.50. The business's fifty day moving average is $13.87 and its two-hundred day moving average is $19.10. Avid Bioservices has a one year low of $11.30 and a one year high of $34.51. The stock has a market cap of $931.66 million, a PE ratio of 94.32 and a beta of 2.31.
In other Avid Bioservices news, Director Richard B. Hancock sold 5,000 shares of the business's stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $21.21, for a total transaction of $106,050.00. Following the sale, the director now directly owns 35,200 shares in the company, valued at $746,592. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas Stewart Green sold 2,939 shares of the business's stock in a transaction dated Monday, April 11th. The stock was sold at an average price of $18.56, for a total value of $54,547.84. Following the transaction, the chief executive officer now directly owns 28,103 shares of the company's stock, valued at $521,591.68. The disclosure for this sale can be found here. Insiders have sold a total of 9,033 shares of company stock valued at $180,902 over the last three months. 1.49% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its holdings in shares of Avid Bioservices by 17.3% in the first quarter. JPMorgan Chase & Co. now owns 45,984 shares of the biopharmaceutical company's stock valued at $936,000 after acquiring an additional 6,768 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Avid Bioservices by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 659,395 shares of the biopharmaceutical company's stock worth $13,432,000 after purchasing an additional 17,220 shares during the last quarter. US Bancorp DE purchased a new stake in shares of Avid Bioservices during the first quarter worth approximately $76,000. MetLife Investment Management LLC raised its stake in shares of Avid Bioservices by 50.1% during the first quarter. MetLife Investment Management LLC now owns 35,594 shares of the biopharmaceutical company's stock worth $725,000 after purchasing an additional 11,881 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Avid Bioservices by 14.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 53,089 shares of the biopharmaceutical company's stock worth $1,081,000 after purchasing an additional 6,727 shares during the last quarter. 99.36% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on CDMO. StockNews.com began coverage on shares of Avid Bioservices in a research note on Thursday, March 31st. They issued a "sell" rating on the stock. Craig Hallum reduced their target price on shares of Avid Bioservices from $35.00 to $30.00 in a research note on Wednesday, March 9th. Finally, Stephens cut their price target on shares of Avid Bioservices from $31.00 to $28.00 and set an "overweight" rating on the stock in a report on Wednesday, March 9th. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Avid Bioservices has a consensus rating of "Moderate Buy" and a consensus target price of $29.50.
Avid Bioservices Company Profile (Get Rating)
Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. It produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.
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