Avid Bioservices (CDMO) Stock Forecast, Price & News

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. The company 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. It also provides various process development services, such as upstream and downstream development and optimization, analytical methods development, testing, and characterization. The company serves biotechnology and biopharmaceutical industries. The company was formerly known as Peregrine Pharmaceuticals, Inc. and changed its name to Avid Bioservices, Inc. in January 2018. Avid Bioservices, Inc. was incorporated in 1981 and is headquartered in Tustin, California.

Avid Bioservices Stock Up 0.9 %

CDMO Stock opened at $19.36 on Friday. The company has a fifty day moving average price of $16.14 and a 200 day moving average price of $17.27. Avid Bioservices has a 12 month low of $11.30 and a 12 month high of $34.51. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 10.46 and a beta of 2.15. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.38 and a quick ratio of 2.03.

Avid Bioservices (NASDAQ:CDMO - Get Rating) last released its quarterly earnings results on Wednesday, June 29th. The biopharmaceutical company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.06. Avid Bioservices had a net margin of 106.75% and a return on equity of 19.70%. The firm had revenue of $31.23 million during the quarter, compared to the consensus estimate of $29.20 million. Sell-side analysts expect that Avid Bioservices will post 0.06 earnings per share for the current year.

Analyst Ratings Changes

Separately, Royal Bank of Canada lowered their target price on shares of Avid Bioservices from $32.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, June 30th. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $26.67.

Insider Activity at Avid Bioservices

In other Avid Bioservices news, Director Richard B. Hancock sold 7,537 shares of the company's stock in a transaction on Monday, June 27th. The shares were sold at an average price of $16.07, for a total transaction of $121,119.59. Following the completion of the transaction, the director now owns 35,201 shares in the company, valued at approximately $565,680.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Avid Bioservices news, Director Richard B. Hancock sold 7,537 shares of the company's stock in a transaction on Monday, June 27th. The shares were sold at an average price of $16.07, for a total transaction of $121,119.59. Following the completion of the transaction, the director now owns 35,201 shares in the company, valued at approximately $565,680.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard B. Hancock sold 2,463 shares of the company's stock in a transaction on Friday, June 24th. The stock was sold at an average price of $16.02, for a total transaction of $39,457.26. Following the transaction, the director now owns 38,936 shares of the company's stock, valued at approximately $623,754.72. The disclosure for this sale can be found here. Insiders sold a total of 73,196 shares of company stock worth $1,304,059 in the last 90 days. 1.49% of the stock is owned by insiders.