Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Up 7.2% in April

Avid Bioservices, Inc. (NASDAQ:CDMO - Get Free Report) was the recipient of a large growth in short interest in April. As of April 30th, there was short interest totalling 11,060,000 shares, a growth of 7.2% from the April 15th total of 10,320,000 shares. Based on an average daily volume of 1,380,000 shares, the days-to-cover ratio is currently 8.0 days.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada boosted their price objective on shares of Avid Bioservices from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Tuesday, April 30th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Avid Bioservices has an average rating of "Moderate Buy" and an average price target of $14.50.

Avid Bioservices Price Performance

NASDAQ CDMO traded down $0.05 during trading hours on Thursday, reaching $9.20. 790,951 shares of the company's stock were exchanged, compared to its average volume of 1,262,698. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. The stock has a market cap of $584.02 million, a PE ratio of -34.15 and a beta of 1.55. Avid Bioservices has a one year low of $4.07 and a one year high of $17.51. The firm has a fifty day moving average of $7.13 and a 200-day moving average of $6.62.

Avid Bioservices (NASDAQ:CDMO - Get Free Report) last posted its earnings results on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Avid Bioservices had a negative return on equity of 8.78% and a negative net margin of 13.10%. The firm had revenue of $33.82 million during the quarter, compared to analyst estimates of $33.80 million. On average, equities research analysts predict that Avid Bioservices will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 11,762 shares of the company's stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $7.40, for a total transaction of $87,038.80. Following the completion of the sale, the chief executive officer now directly owns 203,606 shares of the company's stock, valued at $1,506,684.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 17,236 shares of company stock valued at $127,546. 2.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avid Bioservices

Several large investors have recently modified their holdings of CDMO. Price T Rowe Associates Inc. MD grew its position in shares of Avid Bioservices by 5.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company's stock valued at $204,000 after purchasing an additional 1,649 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Avid Bioservices by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company's stock worth $293,000 after buying an additional 2,900 shares during the period. Victory Capital Management Inc. lifted its stake in Avid Bioservices by 12.3% in the third quarter. Victory Capital Management Inc. now owns 29,634 shares of the biopharmaceutical company's stock valued at $280,000 after buying an additional 3,235 shares in the last quarter. M&T Bank Corp boosted its holdings in shares of Avid Bioservices by 6.5% in the third quarter. M&T Bank Corp now owns 85,759 shares of the biopharmaceutical company's stock valued at $810,000 after buying an additional 5,231 shares during the period. Finally, TD Asset Management Inc increased its position in shares of Avid Bioservices by 5.9% during the third quarter. TD Asset Management Inc now owns 114,830 shares of the biopharmaceutical company's stock worth $1,084,000 after acquiring an additional 6,400 shares in the last quarter. 97.16% of the stock is currently owned by institutional investors.

About Avid Bioservices

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.