Avid Bioservices, Inc. (NASDAQ:CDMO) Sees Large Decline in Short Interest

Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) was the target of a significant decline in short interest in March. As of March 31st, there was short interest totalling 10,110,000 shares, a decline of 6.7% from the March 15th total of 10,840,000 shares. Based on an average daily trading volume, of 1,330,000 shares, the days-to-cover ratio is presently 7.6 days.

Avid Bioservices Price Performance

Shares of NASDAQ:CDMO traded up $0.45 during trading on Tuesday, reaching $7.25. The stock had a trading volume of 840,442 shares, compared to its average volume of 1,293,091. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $19.97. The business has a fifty day moving average price of $7.05 and a 200-day moving average price of $6.66. The stock has a market cap of $458.49 million, a PE ratio of -42.64 and a beta of 1.63. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.85 and a current ratio of 1.35.

Analyst Ratings Changes

Separately, Royal Bank of Canada restated an "outperform" rating and issued a $7.00 price objective on shares of Avid Bioservices in a research report on Thursday, March 7th. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.25.

Institutional Investors Weigh In On Avid Bioservices

Several institutional investors and hedge funds have recently modified their holdings of CDMO. JPMorgan Chase & Co. raised its holdings in shares of Avid Bioservices by 17.3% in the 1st quarter. JPMorgan Chase & Co. now owns 45,984 shares of the biopharmaceutical company's stock valued at $936,000 after buying an additional 6,768 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Avid Bioservices by 2.7% in the 1st quarter. Bank of New York Mellon Corp now owns 659,395 shares of the biopharmaceutical company's stock valued at $13,432,000 after buying an additional 17,220 shares during the period. US Bancorp DE purchased a new stake in Avid Bioservices during the 1st quarter worth about $76,000. MetLife Investment Management LLC increased its holdings in Avid Bioservices by 50.1% during the 1st 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 period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Avid Bioservices by 14.5% during the 1st 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 period. Hedge funds and other institutional investors 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.